₦airaland Forum

SalamRushdie:
Seplat is now the new mobil

Emeskhalifa:
Pls enlighten me, does that mean, all mobil petrol stations in the county will now be branded seplat?

chopnaira:
Even If they are not retained, a lot of them will be so highly skilled that other companies will snatch them up, including companies in the middle east like Qatar, Oman, Saudi Arabia e.t.c It's in the best interest of seplat to retain them.

djon78:
Yeah the M&A strategy

You purchase every assets and liabilities of the company you are acquiring

So all the Mobil Nigeria assets now belong to Seplat

I believe Seplat want to go Long across the Oil and Gas industry of Nigeria
Playing in both the upstream and downstream sectors

Emeskhalifa:
Thanks for the clarity

............
On May 31, 2024, The PUNCH reported that Nigeria might add 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil took a step towards resolving the disagreement surrounding the sale of the latter’s asset to Seplat Energy.

The report stated that NNPC confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.

This was after President Bola Tinubu announced his intervention in the debacle between NNPC and ExxonMobil hindering the sale of the assets to Seplat.

Lokpobiri said recently that Nigeria had lost about $30bn in the past two and a half years as a result of the unsuccessful divestment.

The minister expressed concerns that Nigeria was losing about 480,000 barrels of crude oil per day due to the Seplat/ExxonMobil crisis.

He said the asset was producing about 600,000bpd until the crisis began in 2022, saying the nation was losing millions of dollars daily.

The PUNCH reported earlier that ExxonMobil and Seplat Energy had in 2022 announced a $1.6bn sales agreement deal that would see Seplat purchase ExxonMobil’s complete shares in the NNPC.

However, just when all hopes were high for the completion of the deal, a letter dated May 16, 2022, by the Nigerian Upstream Petroleum Regulatory Commission to ExxonMobil, stated that the deal could no longer hold because NNPC had exercised its right of pre-emption first refusal on the assets.


Right of pre-emption is a legal right to parties in a joint venture to be the first to be considered for any planned sale or takeover of assets in the JVs if either party chooses to trade them off.

According to reports, NNPC objected to the sale of ExxonMobil’s equity to Seplat and insisted on exercising its first refusal right after which the company reportedly made an offer above $1.6bn to ExxonMobil.

But after about two years of litigation, there seems to be an end in sight to the crisis

olyrayy:
And where did you get your information from? At least he has provided a source which said it is 40% for SEPLAT. Where did you see your own 70 - 10% ?

olyrayy:
And where did you get your information from? At least he has provided a source which said it is 40% for SEPLAT. Where did you see your own 70 - 10% ?

femisplash:
Finally, NNPCL maintains JV with all IOCs and as such, the equity stake of SEPLAT in this deal is 40%.

niyisky:
There will be no cries about Tinubu using Oando to close the deal

mikeapollo:
Stop the twists and misrepresentation. Tinubu did not dismantle any barrier. It was the NNPC that went to court to challenge the sale by Mobil to Seplat because they (NNPC) believed they had the first right of refusal as agreed in the JV contract. As a compromise to settle out of court, Mobil agreed and gave additional 10percent to NNPC and sold the remaining 30percent to Seplat (instead of the initial 40percent).
That is what resolved the problem. Tinubu did not do anything special or spectacular. Stop hyping people who have not done anything !