Breaking: ExxonMobil reaches agreement to sell interest in MPNU to Seplat Energy

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Akwa Ibom youths protest, shut ExxonMobil over alleged marginalization

Akwa Ibom youths protest, shut ExxonMobil over alleged marginalization

By Udeme Akpan, Energy Editor

ExxonMobil has concluded plans to sell its equity interest in Mobil Producing Nigeria Unlimited, MPNU, to Seplat Energy.

The International Oil Company, IOC, stated that, “ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.”

The President, ExxonMobil Upstream Oil and Gas, Liam Mallon, also said: “This sale will allow us to prioritize competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.

“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximize the value from our deepwater operations.”

When finalized, the sale will include the Mobil Development Nigeria and Mobil Exploration…



Source: Vanguard Newspaper