ExxonMobil’s $1.28 billion asset sale to Seplat to receive ministerial approval in days — Tinubu

Oct. 2, 2024 - Nairametrics

The President of Nigeria, Bola Tinubu, has said the $1.28 divestment deal between ExxonMobil and Seplat Energy will receive ministerial approval in a matter of days.

The President announced that the regulatory body, NUPRC, has approved the deal involving ExxonMobil’s sale of its onshore assets to Seplat Energy. “As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA.

BackstoryOn February 25 2022, Seplat Energy Plc disclosed its plan to purchase all shares of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware for $1.28 billion.

In January, oil major, Shell Plc, reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval.

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