Seplat Energy Plc today, confirmed that it is in ‘’competitive discussions’’ with a partner to acquire ExxonMobil’s Nigerian shallow water business. The confirmation is sequel to recent press speculation on the issue.
Reacting to the development, the leading indigenous energy company confirmed that deliberations are on-going but cautioned that the outcome is not certain.
As of press time, full detail about the acquisition is yet to be ascertained. In view of this, the energy giant stated that it will release further announcements on the subject matter, in line with statutory requirements.
What Seplat Energy Plc is saying
The press statement issued by the company reads, “Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, notes the recent press speculation and confirms that Seplat Energy, together with a partner, is in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business. Deliberations are ongoing and accordingly, there can be no certainty as to the outcome.
“A further announcement will be made as at when appropriate, in line with regulatory requirements.
“The person responsible for arranging the release of this announcement on behalf of Seplat Energy is Emeka Onwuka, CFO Seplat Energy.”
While the cost and other details of this transaction remain unclear, it is understood that ExxonMobil is actively divesting in Nigeria. The energy giant had earlier announced plans to sell off some of its oil and gas fields in Nigeria and focus on new developments in U.S shale and Guyana. Analysts had predicted that the energy giant might raise about $3 billion from the sale of its onshore and offshore assets.