FRI 04 MARCH, 2022-theGBJournal- Group Managing Director and Chief Executive Officer (CEO) of NNPC, Mr. Mele Kyari suggested in a letter sent to ExxonMobile that the sale of Mobil Producing Nigeria Unlimited $1.6bn oilfield asset sale to Seplat Energy Offshore cannot be validated, as the NNPC also has a clear interest in the purchase of the asset.
The news shocked industry watchers but many are quick to acknowledge the NNPC move as ‘’audacious’’.
‘’This means that NNPC, a major shareholder in the Joint Ventures with ExxonMobil, will now force a review of the asset sale by asserting its right of first refusal,’’ one industry analyst told theGBJournal.
ExxonMobile announced on February 25, that it has reached an agreement to sell its equity interest in Mobil Producing Nigeria Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited.
‘’When finalized, the sale will include the Mobil Development Nigeria and Mobil Exploration Nigeria equity ownership of Mobil Producing Nigeria Unlimited, which holds a 40% stake in four oil mining licenses, including more than 90 shallow-water and onshore platforms and 300 producing wells,’’ ExxonMobile said.
ExxonMobil will maintain a significant deepwater presence in Nigeria, including interests in the Erha, Usan and Bonga developments via Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Deepwater) Limited.
Mele Kyari and addressed to ExxonMobil, NNPC reiterated its resolve to take over ExxonMobil share of the assets. “We are aware that you reached an agreement to divest from onshore and shallow waters JVs,” the NNPC stated “clearly that we are interested.”
NNPC’s decision effectively means that the Sales Agreement between Seplat and ExxonMobil may have to be reviewed. According to industry observers, the
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