ExxonMobil to complete sale of shallow water assets soon

Oluwanifemi Ojo
Oluwanifemi Ojo

Energy leader, ExxonMobil, said it is hopeful to sell its shallow water oil production assets to Seplat Energy soon upon approval from the Nigerian government.

This was disclosed in a statement by the President of Global Upstream, Liam Mallon, issued to Reuters.

According to Nairametrics, the statement was made ahead of the CERAWeek Energy Conference organisation by S&P Global in Houston, USA, and slated to begin today, March 6, and end on March 10.

It was also reported that the Energy leader still intends to keep its deep-water assets in Nigeria despite the intended sale of the shallow water assets to an indigenous company.

This publication recalls that Seplat Energy announced that it had entered agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware.

It, however, stated that the acquisition was subject to approval by the nation’s regulatory bodies.

More than a year has passed, and the transaction between the two corporations has yet to be completed. The Buhari administration’s term will end on May 29, 2023, and a new administration will be sworn in.

This publication recalls that on February 25, Nigeria conducted her presidential election which brought in Bola Ahmed Tinubu as president-elect.

Reuters reported that Mallon said “ExxonMobil will maintain other assets in Nigeria going forward.”

He also said that “the country remains a challenging place to work in and there is a clear commitment by ExxonMobil to stay in Nigeria through its deepwater operations. However, future investments will be subject to market conditions.”

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