The Federal Government of Nigeria has approved the purchase of Exxon Mobil’s onshore assets valued at $1.28bn by Seplat Energy.
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe confirmed the approval on Monday.
Komolafe at the third anniversary of Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
said that the ministerial approval had now been secured. The approval comes more than two years after the deal was announced in February 2022.
Seplat Energy will acquire a 40 per cent stake in four oil mining leases as a result of the approval.
The company will also get 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.