Seplat denies ExxonMobil deal under threat

Acquisition of US major’s assets still on track, says Nigerian independent

Nigerian independent Seplat has rejected reports suggesting state-owned NNPC has pre-empted its acquisition of ExxonMobil’s shallow-water assets in Nigeria. Seplat issued a statement saying it had “become aware of newspaper and social media reports that the NNPC has exercised a right of pre-emption" on its deal to acquire the US major’s Mobil Producing Nigeria Unlimited (MPNU) subsidiary. This pre-emption reportedly arose from the existing joint operating agreement (JOA) between NNPC and MPNU, but Seplat “wishes to clarify” that its previously announced SPA with ExxonMobil relates to the acquisition of the share capital of MPNU’s shareholders—comprising Mobil Development Nigeria and Mobil Ex