Feb. 25, 2022

ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited (MPN) to Seplat Energy, a Nigeria-owned independent oil and gas company.

Liam Mallon, President, ExxonMobil Upstream Oil and Gas, made this known in a statement on Friday in Irving, Texas, USA.

“The sale supports the company’s disciplined investment strategy, Nigeria’s efforts to enhance industry participation includes shallow-water affiliate.

“ExxonMobil is to retain deep-water assets.

“This sale will allow us to prioritise competitively advantaged investments in our strategic assets and it supports the Nigerian government’s efforts to grow its oil and gas operations,’’ Mallon said.

He said ExxonMobil valued its relations with Nigeria and its people over the decades, adding that it would continue as the company maximised the value from its deep-water operations.

Mallon said when finalised, the sale would include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited.

He said the firm held 40 per cent stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms as well as 300 producing wells.

Mallon said ExxonMobil would maintain a significant deep-water presence in Nigeria.

According to him, these include interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deep-water) Limited.

He said the sale would not result in any loss of employment and was expected to close later in 2022, subject to regulatory and other approvals.(NAN)