ExxonMobil Enters Agreement To Sell Equity Interest On MPN

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Exxon Mobil

By; PATRICK TITUS, Uyo


An international oil giant in Nigeria, ExxonMobil has reached an agreement to sell its equity interest in Mobil Producing Nigeria (MPN) Unlimited to Seplat Energy, a Nigerian independent oil and gas company, through its wholly-owned subsidiary Seplat Energy Offshore Limited. President, ExxonMobil Upstream Oil and Gas, Liam Mallon in a release made available to New Nigerian in Uyo, Akwa state, today (Friday), said the sale became necessary to enhance progressive impacts in the company strategic assets, and help grow Nigeria economy.

According to Mallon, the sale agreement when finalized, it will includes shallow-water affiliate but ExxonMobil will retain deepwater assets 
“This sale will allow us to prioritize competitively advantaged investments in our strategic assets, and it supports the Nigerian government’s efforts to grow its oil and gas operations.
“We value the relationships we have spent decades building with the government and people of Nigeria, which will continue as we maximize the value from our deepwater operations.
 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.  “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, Mallon stated. He however added that the sale would not result in any loss of employment and is expected to close later this year subject to regulatory and other approvals.  ExxonMobil is one of the largest publicly traded international energy companies that uses technology and innovation to help meet the world’s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. 

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