February 25, (THEWILL) – The international oil giant, 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.
According to a release from ExxonMobil Media Relations entitled: ExxonMobil To Sell Mobil Producing Nigeria Shallow-Water Affiliate and endorsed by the corporate Affairs and Media Relations Manager, Mr. Ogechukwu Udeagha, on Friday notes that the sale supports company’s disciplined investment strategy is Nigeria’s efforts to enhance industry participation.
The release which was made available to THEWILL in Uyo, indicates that the sale includes shallow-water affiliate even as ExxonMobil will retain the deepwater assets.
It’s states that the transaction will close later in the year, pending regulatory approvals from necessary regulatory authorities.
Explaining the rationale behind the decision by the oil giant in the release, Liam Mallon, president, ExxonMobil Upstream Oil and Gas stated: “This sale will allow us to prioritize competitively advantaged investments in our 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 maximize the value from our deepwater operations.”
According to the release, when finalized, 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.
ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.
It’s however noted that the sale will not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals.
