ExxonMobil has agreed to sell its shallow-water assets in Nigeria to Seplat Energy for $1.28 billion plus a contingent consideration of $300 million. Seplat said it is acquiring a 40% operating stake in four oil leases to nearly triple its annual net production to 146,000 BOE/D.
The deal also includes the Qua Iboe export terminal and a 51% interest in the Bonny River Terminal and natural gas liquids recovery plants at EAP and Oso. It does not include any of ExxonMobil’s deepwater fields in Nigeria.