The federal government has granted official approval for Seplat Energy to proceed with its acquisition of Exxon Mobil’s onshore assets, a deal valued at $1.28 billion.
This confirmation was announced by Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the commission’s 3rd Anniversary event in Abuja on Monday.
Komolafe emphasized that the necessary ministerial approval has now been obtained, marking a significant milestone in a process that has seen delays for over two years since the deal was initially announced in February 2022. President Bola Tinubu indicated on October 1 that final approval would be forthcoming shortly after the regulatory body’s clearance.
As part of the acquisition, Seplat Energy will secure a 40 percent stake in four oil mining leases. Additionally, the deal includes access to vital infrastructure assets, such as the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, both of which were previously operated by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.
