Seplat Power, a London-listed Nigerian oil agency, has revealed plans to double manufacturing to 120,000 barrels per day inside six months following its buy of ExxonMobil’s onshore and shallow-water belongings. The acquisition, finalized in December after a two-year regulatory delay, contains 11 oil blocks, 48 oil and gasoline fields, and intensive infrastructure. The deal, which price $1.28 billion, positions Seplat as one among Nigeria’s largest home producers with management of 16% of the nation’s output. To attain its purpose of doubling manufacturing, Seplat plans to revive the nation’s many idle wells and convey them again to manufacturing. Whereas critics argue the acquired belongings lack longevity, Seplat insists there’s substantial untapped potential, highlighting a shift in direction of native experience in managing Nigeria’s oil trade.
Supply: FINANCIAL TIMES
