Seplat Energy Set to Finalize Deal to Acquire ExxonMobil Assets

SEATTLE (Oil Monster): This Thursday is the anticipated official closing of the Sale and Purchase Agreement (SPA) between Seplat Energy plc. and Mobil Producing Nigeria Unlimited (MPNU) for the purchase of ExxonMobil's Nigerian assets.

The transaction's original estimated value of $1.28 billion has since been reduced to $800 million. After accounting for the "locked box" adjustment, ExxonMobil will receive the remaining amount. It should be mentioned that a deposit of $128 million has already been made. At the conclusion of the transaction, the remaining $672 million will be due.

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ExxonMobil first inked the agreement in 2022 to sell its onshore oil and gas holdings. Only in October 2024, more than two years later, did the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) grant it final permission. The Financial Conduct Authority (FCA) in the United Kingdom later gave it its approval.

The successful conclusion of the contract is likely to increase output to approximately 120,000 barrels of oil equivalent per day, which Seplat Energy described as revolutionary. The deal will support the African nation's economy while assisting the business in accelerating its growth and profitability.

The entire transaction has been financed by available debt and cash. According to the corporation, no new shares have been issued in this regard.