ExxonMobil is making moves 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.
The sale, when finalised, 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.
In a release signed by the company’s Manager, Media and Communications, Ogechukwu Udeagha, the oil giant assured the sale will not result in any loss of employment.
He said the latest development, will allow it to prioritize competitively advantaged investments in its strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations,
“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,” said Liam Mallon, president, ExxonMobil Upstream Oil and Gas. “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.”
“ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bongadevelopments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.The sale will not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals”. it assured
