Exxon Sells Shallow-Water Nigeria Oil Assets for $1.3 Billion
- Creates one of the largest independents on London exchange
- Majors exiting from some assets in Africa’s biggest producer
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Seplat Energy Plc, Nigeria’s biggest independent oil company, agreed to acquire some of Exxon Mobil Corp.’s assets in the country for at least $1.28 billion.
The acquisition will almost triple Seplat’s production volumes, adding about 95,000 barrels of oil equivalent a day. It’s another sign of the retreat by major international oil companies from certain Nigerian projects following years of spills and other disruptions, while investors push them toward cleaner forms of energy.