Two years after a deal was originally struck, the federal government has officially approved Seplat Energy’s purchase of Exxon Mobil’s onshore assets, valued at $1.28 billion.
The sale which was first announced in February 2022, has suffered prolonged regulatory delays.
Chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, speaking at an event in Abuja, to mark the NUPRC’s 3rd Anniversary, disclosed that the ministerial approval had now been secured.
President Bola Tinubu had indicated on October 1 that the final approval would be granted within days, following clearance from the regulatory body.
Through the deal, Seplat Energy will acquire a 40 per cent stake in four oil mining leases, as well as key infrastructure, including the Qua Iboe export terminal and a 51 per cent stake in the Bonny River natural gas liquids recovery plant, both previously owned by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.
