In Nigeria, old oil wells abandoned by Exxon Mobil were bought by the Nigerian company Seplat Energy. It is an independent energy supplier looking to increase its oil production. The acquisition was finalized this Thursday in Lagos for a total cost of more than $1 billion.
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This is a desire affirmed on numerous occasions by President Bola Tinubu. He wants a strengthening of local companies in the energy sector.
By recovering all activities on earth from the American company Exxon Mobil in Nigeria, Seplat Energy strikes a major blow and becomes the largest independent hydrocarbon supplier in the country. This acquisition allows it to double its crude oil reserves.
Intervention by Bola Tinubu
“ Let me start by thanking President Bola Tinubu for supporting this transaction and giving us clearance from the ministry », declared Roger Brown, the CEO of Seplat Energy who does not hide his enthusiasm.
A first agreement between Seplat and Exxon was reached in 2022. But the NPCC, Nigeria’s national oil company, vetoed it, even obtaining a court decision prohibiting the sale to a local competitor. Bola Tinubu then intervened personally on this issue, demonstrating the desire of those in power to make the Nigerian oil sector more attractive for private players like Seplat.