Seplat (SEPL) in talks to buy Exxon (XOM)’s Nigerian oilfields
By Jenni Reid
11:55, 29 November 2021
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.
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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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.