Seplat Looking to Buy Exxon’s Shallow Water Fields in Nigeria

Nigeria’s Seplat Energy along with a partner is in talks to buy ExxonMobil’s shallow-water oilfields in the African nation, the company said on Monday, cautioning there was no certainty about the outcome.

In recent years, Exxon has been exiting investments worth billions of dollars in oil and gas fields in Europe, Asia and Africa as the U.S. energy major focuses on a handful of mega projects at home and abroad.

The company has accelerated asset divestments in Africa this year, selling an 80% interest in a Ghanaian offshore block and proposing to offload its stake in the Doba oilfield in Chad.

An Exxon representative in London did not immediately respond to a request for comment on Seplat’s announcement.

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