Seplat rejects court order barring it from acquiring Exxon Mobil assets

Seplat Petroleum Plc has rejected a judgment blocking the sale of Exxon Mobil assets to it. According to Bloomberg, the Nigerian National Petroleum Company Limited had in 2020 sued the American oil company, seeking to prevent it from divesting its remaining assets in Nigeria. Seplat had shown interest in acquiring the assets for $1.28bn. The acquisition would boost Seplat’s oil production by an additional 95,000 barrels. But, NNPC, being a a joint venture partner with Exxon Mobil, is opposed to the sale.

According to the report, the NNPC got a favourable ruling delivered by a Federal High Court on July 6, 2022. The court reportedly granted a temporary order barring Exxon “from completing any divestment”.

However, Seplat insists its deal with Exxon is “still valid” while it “remains confident that the matter will be brought to a proper conclusion in accordance with the law.”

Septlat was formed in June 2009 through a partnership between Shebah Petroluem Development Company Limited and Platform Petroleum Joint Ventures Limited

An order as the one the NNPC sought against Seplat had also forced Shell Plc to pause its plans to sell all off its remaining onshore permits in Nigeria.