Texas-based major Exxon Mobil has given its reason for choosing to sell the entire shallow water assets of one of its Nigerian subsidiaries, Mobil Producing Nigeria Unlimited, to Seplat Energy,
saying the sale will support the company’s disciplined investment strategy, an effort to enhance industry participation.
The sale agreement includes Mobil Development Nigeria and Mobil Exploration Nigeria’s equity ownership of Mobil Producing Nigeria Unlimited, translating to a 40 per cent stake in four oil mining licenses.
It includes more than 90 shallow-water and onshore platforms and 300 producing wells, according to a statement by ExxonMobil seen by PREMIUM TIMES.
Both firms entered the contract, with Seplat buying out Exxon Mobil’s stake of $1.3 billion, a deal that could ultimately reach around $1.6 billion under certain conditions.