FG Approves $1.28 Billion Seplat-ExxonMobil Deal

Gbenga Komolafe

The federal government (FG) has granted official approval for Seplat Energy’s acquisition of Exxon Mobil’s onshore assets, which are valued at $1.28 billion.

Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed the approval during the agency’s 3rd Anniversary event in Abuja on Monday.

Komolafe stated that the necessary ministerial approval had now been obtained. in a statement made on October 1, President Bola Tinubu had indicated that the final approval would be forthcoming within days, following clearance from the regulatory body.

With this approval, Seplat Energy will secure a 40 per cent stake in four oil mining leases.

Additionally, the company will gain access to essential infrastructure, including the Qua Iboe export terminal and a 51 per cent 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.

He highlighted the government’s commitment to ensuring that all transactions comply with the regulatory standards established under the Petroleum Industry Act (PIA). Komolafe stated, “We have processed four of the transactions, and four of them have received ministerial consent.” #FG Approves $1.28 Billion Seplat-ExxonMobil Deal

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