In a move that is expected to significantly boost Nigeria’s oil production, Seplat Energy Plc has completed its acquisition of Exxon Mobil Corp.’s onshore oil and gas assets in the country.
The deal, which was approved by the Nigerian government in October, will see Seplat Energy revive hundreds of idle oil wells, with the company’s Chief Operating Officer, Samson Ezugworie, stating that the focus will be on “rig intervention, short-term oil-generation activities, rejuvenating idle wells and bringing them back to production.”
The acquisition is expected to double Seplat Energy’s production, with the company’s CEO, Roger Brown, stating that the goal is to lift output to more than 200,000 barrels per day (bpd).
The deal is also expected to provide a significant boost to Nigeria’s economy, with Seplat Energy’s CFO, Eleanor Adaralegbe, stating that the acquisition is a good deal in terms of costs and returns.
Key Highlights of the Deal
- Seplat Energy has completed its acquisition of Exxon Mobil Corp.’s onshore oil and gas assets in Nigeria
- The deal is expected to revive hundreds of idle oil wells
- Seplat Energy’s production is expected to double as a result of the acquisition
- The company’s goal is to lift output to more than 200,000 bpd
- The deal is expected to provide a significant boost to Nigeria’s economy
