By Emmanuel Nduka
Indigenous Oil and Gas Company, Seplat Energy has revealed that it is in the race to acquire the shallow water business of the local unit of American multinational Oil and Gas Corporation, ExxonMobil.
This was disclosed by Seplat’s Chief Financial Officer, Emeka Onwuka in a statement on Monday, clearing the air on the ongoing negotiation which has been subject of media speculation lately.
“Deliberations are ongoing and accordingly, there can be no certainty as to the outcome.
“A further announcement will be made as and when appropriate, in line with regulatory requirements,” the statement read.
ExxonMobil has been inviting bids for disposal of its assets and surplus materials, according to information on its website, a decision that has made Lagos-based Seplat one of its latest suitors.
Seplat announced earlier this month that it would commence its gas processing project, which it holds in a joint venture with the Nigerian Gas Company, by the middle of next year.
The project known as ‘ANOH’, has so far received funding in the sum of $680 million for its two phases and is anticipated to deliver 300 million standard cubic feet of gas in the first phase according to S&P Global Platts.
Meanwhile, shares in Seplat were trading up 2.56 per cent on the London Stock Exchange at £0.80 per unit at 12:12 West Africa Time on Monday following the news. It was trading at N695 in Lagos about the same time.
