Yemisi Izuora
The Federal Government has given approval to the $1.28 billion sale of ExxonMobil Corp’s onshore assets to Seplat Energy
The endorsement is coming more than two years after the deal was initially announced in February 2022.
The long-delayed transaction received final ministerial approval following clearance from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
This was announced by NUPRC CEO Gbenga Komolafe during an event in Abuja on Monday.
Under the agreement, Seplat Energy will acquire 40 per cent of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal and 51 per cent of the Bonny River natural gas liquids recovery plant, previously owned by ExxonMobil’s Nigerian unit, Mobil Producing Nigeria Unlimited.
Nigeria, has seen major oil companies retreat from onshore operations due to issues like theft and sabotage, redirecting investments toward more profitable deep offshore fields.
The NUPRC, in July, also approved the sale of onshore assets by Eni and Equinor to Oando and Project Odinmim, respectively.