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Seplat (SEPL) in talks to buy Exxon (XOM)’s Nigerian oilfields

By Jenni Reid

11:55, 29 November 2021

ExxonMobil logo seen on white billboard
Nigeria’s Seplat may buy ExxonMobil’s local shallow-water business – Photo: Shutterstock

Nigerian oil-and-gas firm Seplat Petroleum Development Company (SEPL) has confirmed it is in talks to acquire ExxonMobil (XOM)’s local shallow-water business. 

Seplat said it was in ongoing “competitive discussions” with a partner, adding that no deal had been guaranteed. 

Exxon sell-offs 

The discussions come as Exxon continues its strategy of selling off assets across Africa, Asia and Europe to focus on Guyana, Brazil and the US Permian Basin.

In June, the oil giant relinquished its 80% interest in Ghana’s Deepwater Tano Cape Three Points offshore block. 

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Overnight fee time 22:00 (UTC)
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Share boost 

SEPL stock was up 4.36% to 81.40p on the London Stock Exchange on Monday morning. 

It is also up by 42.81% on the previous year, though like other oil companies has not reached its pre-pandemic level. 

The company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $266.4m ($199.6m, €235.9m) in the nine months to 30 September, up 29.6% on the previous year.

Read more: Oil prices rebound on hopes OPEC suspend output increase

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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