Seplat Energy Set to Close $800m ExxonMobil Deal Thursday

Oru Leonard 

Seplat Energy Plc is set to officially close its acquisition of ExxonMobil’s Nigerian oil and gas assets on Thursday, December 12, 2024, in a deal worth $800 million.

According to the company’s official prospectus, the final consideration payable to ExxonMobil is $800 million, with $672 million payable on closing and $128 million already paid as a deposit.

The acquisition, which was approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in October, is expected to more than double Seplat Energy’s crude oil production to around 120,000 barrels per day.

Seplat Energy described the deal as “transformative,” noting that it would provide the company with a significant opportunity to drive growth and profitability while contributing to the Nigerian economy.

The company also stated that the acquisition would add several assets to the Seplat Group, including a 40% operated interest in OML 67, 68, 70, and 104, and a 51% operated interest in the Bonny River Terminal (BRT).

Source: Thisday Live