Seplat Energy eyes ‘swift completion’ of ExxonMobil subsidiary acquisition

With the removal of the legal hurdle that caused a tw0-year delay, Seplat Energy is expecting a swift completion of its acquisition of a Nigerian subsidiary of US oil giant ExxonMobil.

Seplat, in a statement on Friday, noted the announcement on the 30 May 2024 by the Nigerian National Petroleum Company Limited (NNPCL) regarding the settlement agreement between NNPCL, ExxonMobil Corporation, and Mobil Producing Nigeria Unlimited.

It said it had since been notified of the termination of the court proceedings brought by NNPCL against MPNU and its affiliates over the proposed divestment of MPNU’s shares to Seplat Energy Offshore Limited.

“Seplat Energy commends the open cooperation and progress achieved by all stakeholders, and will diligently engage all key stakeholders, including the Government, in progressing towards a swift completion of the acquisition of MPNU,” the statement said.

Seplat Energy had on February 25, 2022 agreed to acquire the entire share capital of MPNU for a purchase price of $1.283 billion plus up to $300 million contingent consideration but the deal was blocked by the NNPCL and the regulator.