The federal government has formally approved Seplat Energy’s purchase of Exxon Mobil’s onshore assets for $1.28 billion.
Gbenga Komolafe, the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the approval on Monday.
Komolafe, speaking at the NUPRC’s 3rd Anniversary ceremony in Abuja, stated that ministerial approval had been obtained.
The approval comes more than two years after the deal’s announcement in February 2022, indicating a lengthy regulatory delay.
On October 1, President Bola Tinubu stated that final approval would be issued within a few days of receiving regulatory clearance.
Seplat Energy will acquire a 40% share in four oil mining leases as a result of the approval.
The business would also acquire critical infrastructure, like as the Qua Iboe export facility and a 51% share in the Bonny River natural gas liquids recovery plant, which were previously controlled by Exxon’s local affiliate, Mobil Producing Nigeria Unlimited.
