The Nigerian National Petroleum Company (NNPC) Limited has signed a settlement agreement for the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.
In a statement on Thursday, NNPC Limited said the agreement was signed with MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.
The signing of the agreement follows a directive by President Bola Tinubu on Wednesday to parties, for the immediate resolution of the impasse that had delayed the deal.
In February 2022, Seplat had agreed to acquire ExxonMobil’s 40 per cent stake in MPNU — with the expectation that the transaction will be closed in the second half of the year but the Nigerian Upstream Petroleum Regulatory Company (NUPRC), on May 19, 2022, withheld approval, citing “overriding national interest.”
About two months later, Seplat said NNPC had gotten a court injunction restraining ExxonMobil from selling its assets in Nigeria, following which former President Muhammadu Buhari withdrew his earlier approval for the acquisition.
In May 2023, Seplat extended the share sale and purchase agreement (SSPA) it had with ExxonMobil for the acquisition of its stake in MPNU and on May 17, Seplat disclosed that the company was making progress with the acquisition of MPNU assets and a week later, Seplat extended the SSPA.
