ExxonMobil reaches agreement to sell interest in MPNU to Seplat Energy

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Vehicles refuel at an Exxon Mobil Corp. gas station in Houston, Texas, U.S., on Wednesday, Oct. 28, 2020. Exxon is scheduled to release earnings figures on October 30. Photographer: Callaghan O'Hare/Bloomberg via Getty Images

ExxonMobil has concluded plans to sell its equity interest in Mobil Producing Nigeria Unlimited, MPNU, to Seplat Energy.

The International Oil Company, IOC, stated that, “ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.”

The President, ExxonMobil Upstream Oil and Gas, Liam Mallon, also said: “This sale will allow us to prioritize competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.

“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximize the value from our deepwater operations.”

When finalized, the sale will include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which holds a 40 per cent stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells.

ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.

The sale will not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals.