SEPLAT Petroleum Development Company Ltd (Seplat), Shell Petroleum Development Company of Nigeria Ltd (SPDC), Total E&P Nigeria Ltd, and Nigeria Agip Oil Company have signed an agreement concerning the acquisition by SEPLAT of a 45% stake in OML 4, 38 and 41 in Nigerian onshore operations. The outstanding 55% stake remains the property of the Nigerian National Petroleum Corporation (NNPC).
This transaction, which requires the consent of the NNPC, the national oil company, and the approval of the Federal Government of Nigeria, is expected to be completed within the next six months.
Maurel & Prom acquired a 45% stake in SEPLAT, a Nigerian-registered company. Subsequent to this deal, Maurel & Prom would own 20.25% of the rights before royalties (20% for oil) in OML 4, 38 and 41. SEPLAT's other shareholders include the Nigerian operators Platform Petroleum Ltd (22%) and Shebah Petroleum Development Company Ltd (33%). The two companies operate production and exploration assets in Nigeria, as well as a floating production, storage and offloading vessel (FPSO). Given that SEPLAT's capital is mostly held by Nigerian operators, the company has the legal status of an "indigenous company".
Maurel & Prom will make an initial investment of US$193 m in SEPLAT, and will undertake necessary measures to facilitate a similar amount to finance the share of the other SEPLAT shareholders. This investment does not require additional public fund raising for Maurel & Prom. The operating company will receive technical support from Maurel & Prom to facilitate further development of these assets.
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SEPLAT Petroleum Development Company Ltd
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I like the prospect of more oil companies coming into the nigerian market at least to create more job opportunity for the teeming population of young , talented and well read nigerian youth.
while we await the final signing of the Petroleum industry bill, companies like Seplat which have a full colouration as a Nigerian company will be a major beneficiary, the CEO Austin Avuru will also bring in his tech specialty into play, i hope Seplat will take this advantage to increasingly divest profit into other high-locally-in-demand-products like power petrochemicals and cement production!!
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