Seplat in Talks to Sell 10% Stake in Assets Bought from ExxonMobil

Seplat Energy is in talks with state-owned Nigerian National Petroleum Company Limited (NNPC) for the sale of a 10 percent stake in the assets it bought from United States-based oil major ExxonMobil.

The company, listed in both Nigeria and London, completed in December the acquisition of Mobil Producing Nigeria Unlimited, which it renamed Seplat Nigeria Unlimited (SEPNU).

“We have been in discussions with the Nigerian National Petroleum Company Limited regarding the potential sale of a 10% interest in the NNPC/SEPNU Joint Venture,” Seplat said on Thursday.

“If concluded, this would result in SEPNU owning 30% and NNPC owning 70% in the JV assets, with Seplat continuing to be the operator. The discussions would remain subject to parties agreeing terms and executing a substantive agreement.”