The announcement in February 2022 was made more than two years ago, and now it has been approved.
$1.28 Billion Seplat-ExxonMobil Deal Approved By FG
The $1.28 billion acquisition of Exxon Mobil’s onshore assets by Seplat Energy has received official approval from the federal government.Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), verified the approval on Monday.
Speaking at the NUPRC’s third anniversary celebration in Abuja, Komolafe announced that the ministerial approval had now been obtained.The deal was announced in February 2022, more than two years ago, and there was a protracted regulatory delay before the approval.On October 1, President Bola Tinubu had said that after receiving the regulatory body’s clearance, the final approval would be given in a few days.The approval means that Seplat Energy will purchase a forty percent interest in four oil mining leases.Important infrastructure will also be transferred to the company, including a 51% share in the Bonny River natural gas liquids recovery plant and the Qua Iboe export terminal, which were previously owned by Exxon’s local subsidiary Mobil Producing Nigeria Unlimited.