Seplat Acquires ExxonMobil’s Assets for $1.28 Billion, Boosting Nigeria’s Oil Production
Seplat Petroleum has acquired ExxonMobil’s local assets for $1.28 billion. This deal will double Seplat’s production within six months. It fills the gap left by foreign companies leaving Nigeria’s onshore oil sector.
Now, Seplat controls 16% of Nigeria’s oil production. It has 11 onshore oil blocks and five gas processing facilities. This acquisition strengthens Seplat’s position in the Nigerian oil market.
Seplat plans to work with the Nigerian National Petroleum Corporation (NNPC). Together, they will optimize underinvested assets. This move aims to increase production efficiency.
The acquisition also supports Nigeria’s push for local ownership in the oil industry. Seplat’s expansion will help meet domestic and international oil demands.
Seplat’s partnership with NNPC signals growth for Nigeria’s oil sector. The company is focused on long-term improvements and energy security.