An oil and gas company, Seplat Energy, has reached an agreement with an American firm, ExxonMobil, to acquire the company’s subsidiary, Mobil Producing Nigeria Unlimited, and its business operations in a $1.2 billion agreement. Seplat Energy will acquire the company’s 40% share in four oil mining licenses and also acquire export facilities in Nigeria, the Qua Iboe terminal and natural gas recovery plants at EAP and Oslo. The deal will increase Seplat Energy’s production capacity by 186%. The President of ExxonMobil Upstream Oil and Gas, Liam Mallon, has stated that the sale will prioritize advantaged investments in their strategic assets, and it supports the Nigerian Government’s efforts to grow its oil and gas operations.
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