Nigeria is full of oil wells. Several groups are vying for supremacy in the country’s oil market.
Seplat Energy has just dealt a major blow in its quest for dominance in the Nigerian oil market.
After two years of negotiations, Seplat has just acquired the land and gas assets of Exxon Mobil. The agreement between the two parties was concluded on Sunday December 15, 2024 in Lagos for a sum of 790 billion CFA francs.
Seplat Energy’s desire to buy back Exxon Mobil shares dates back to 2022. In October 2024, discussions gained momentum with the approval of the Nigerian government. Finally, this month of December sees Seplat’s ambitions come true. The signing of the agreement between the two oil groups took place in Lagos.
The Seplat company plans to revive hundreds of unused oil wells. Once this recovery is effective, the company’s crude oil reserves will be doubled.
As a result, the latter could become the country’s first independent hydrocarbon supplier.
Roger Brown, Managing Director of Seplat Energy, explains that “Seplat’s objective is to increase its production to more than 200,000 barrels per day, compared to around 71,000 barrels of oil equivalent per day currently.”
The year 2024 is a good year for Nigeria in the oil sector. Oil production reached its highest level, a total of 1.7 million barrels per day of crude oil and condensate.
This data comes from the latest data from the regulator published this week and relayed by local media.
This transaction represents a juicy financial operation, because in the long term, Seplat Energy will have enormous returns.
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