Seplat’s Big Move: Closing in on ExxonMobil Asset Purchase

Seplat, an indigenous oil firm, is on the brink of finalizing a $1.3 billion purchase of ExxonMobil’s assets. The federal government is making efforts to resolve the deadlock that almost prevented Seplat from sealing the deal with ExxonMobil. The Minister of State for Petroleum, Senator Heineken Lokpobiri, revealed that the government is keen on resolving the impasse to boost Nigeria’s crude oil production, which has been declining for over three years. If successful, this transaction will be one of the largest divestments in Nigerian history. Seplat’s Chief Executive, Roger Brown, emphasized the value of natural gas in the Exxon deal, highlighting the potential benefits for Seplat. The meeting between Seplat and government officials is seen as a significant step towards ending the stalemate and unlocking the nation’s prosperity from the asset acquisition. The federal government’s withdrawal of court cases against Eni and Shell is aimed at removing obstacles to Nigeria’s oil output.