Nigerian oil mogul Dumo Lulu Briggs lauds government’s handling of $1.28-billion deal

Timilehin Adejumobi -

Key Point

  • Dumo Lulu Briggs praises Nigerian government’s handling of $1.28-billion Seplat-ExxonMobil deal.
  • Briggs highlights ongoing divestments by IOCs and increased Nigerian involvement as indicators of a promising transition in the oil industry.
  • Briggs announces a $1-billion investment plan to boost Nigeria’s oil output, aiming for 10,000 barrels of oil and 50 billion cubic feet of gas per day by 2025.

Dumo Lulu Briggs, a prominent Nigerian oil mogul and chairman of Platform Petroleum, praised the Nigerian government’s management of the recent $1.28 billion divestment deal between Seplat Energy Offshore Limited and ExxonMobil.

Speaking in Abuja on Thursday, Briggs lauded the transaction as indicative of the government’s adeptness in handling the oil and gas sector. “This divestment demonstrates the sector is on the right path,” Briggs said, applauding the series of divestments by International Oil Companies (IOCs) in Nigeria as a promising development.

Seplat recently secured the $1.28-billion deal with ExxonMobil and NNPCL. The deal, formalized on May 30, 2024, transfers ExxonMobil’s interests in Mobil Producing Nigeria Unlimited (MPNU) to Seplat as part of a move to enhance Nigeria’s crude oil production.

Dumo Lulu Briggs highlights divestment progress

Briggs acknowledged the ongoing divestment deals and highlighted the progress being made. “The IOCs are divesting from their onshore assets, and companies like Seplat are stepping up. It’s a period of transition,” he observed. He emphasized that the increasing role of Nigerians in managing oil and gas industries represents a positive trend.

The oil mogul credited the Petroleum Industry Act (PIA) for providing a solid regulatory framework, which he believes supports the growth of indigenous oil and gas firms. “The government is working to improve the sector. We’re optimistic about the future,” Briggs added, expressing confidence that with thorough due diligence, indigenous firms can thrive.

Briggs plans $1 billion investment to boost Nigeria’s oil output

With six years of experience in private legal practice, Briggs has played a key role in Platform Petroleum’s expansion since its establishment. His leadership, previously shaped at Moni Pulo Limited and DLB Concerns Ltd, is focused on advancing Nigeria’s oil sector.

Briggs recently revealed plans for a substantial investment of up to $1 billion to increase Nigeria’s oil output. Platform Petroleum aims to reach a production target of 10,000 barrels of oil and 50 billion cubic feet of gas per day by 2025, solidifying its position as a leading indigenous oil and gas company.