Thursday, November 14, 2024
HomeBusinessFG Approves Seplat Energy And ExxonMobil Deal

FG Approves Seplat Energy And ExxonMobil Deal

ABUJA: An indigenous Company operating in the oil and gas sector of the Nigerian economy, Seplat Energy Plc on Tuesday confirmed the approval of its purchase of Exxon Mobil’s onshore assets valued at $1.28bn by the Federal Government of Nigeria.

It has been reported that the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe announced the mega deal approval by the Federal government while speaking at the NUPRC’s 3rd Anniversary event in Abuja on Monday.

In his statement, Komolafe said that the minister of petroleum resources has approved the deal Seplat Energy is happy for the  acquisition.

The statement read: Seplat Energy is pleased to announce that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has verified that President Bola Ahmed Tinubu GCFR, Nigeria’s Honorable Minister of Petroleum Resources, has given his approval to move forward with the purchase of all issued shares of Mobil Producing Nigeria Unlimited (‘MPNU’).

Read also:

His Excellency, President Bola Ahmed Tinubu GCFR, has our sincere gratitude for this approval. We also appreciate the support and hard work of the various Ministries and regulators on this transaction.

In accordance with legal requirements, more announcements will be made as needed.A protracted regulatory delay is indicated by the approval, which comes more than two years after the deal was first announced in February,2022.

President Bola Tinubu had indicated on October 1 that the final approval would be granted within days, following clearance from the regulatory body.

Seplat Energy will acquire a 40 per cent stake in four oil mining leases (OM)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.

 

 

 

Most Popular