– Retains deepwater assets
OpeOluwani Akintayo
Lagos — ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly owned subsidiary, Seplat Energy Offshore Limited.
SweetcrudeReports gathered that when finalised, the sale will include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which holds a 40% stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells.
Despite sale of some of its assets, findings showed that ExxonMobil will maintain a significant deepwater presence in Nigeria, including its interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.
Liam Mallon, president, ExxonMobil Upstream Oil and Gas, confirmed SweetcrudeReports findings.
According to him, the sale will allow the company to prioritise competitively advantaged investments in its strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.
“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximise the value from our deepwater operations.
“The sale will not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals”, he told SweetcrudeReports in a note.
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