Seplat confirms FG’s approval of ExxonMobil deal

Seplat Energy Plc confirmed on Tuesday that the Federal Government has approved its $1.28 billion acquisition of Exxon Mobil’s onshore assets.

Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced the approval at the NUPRC’s 3rd Anniversary event in Abuja on Monday, noting that ministerial consent had been secured.

In a statement on Tuesday, Seplat Energy expressed its excitement over the approval, saying, “Seplat Energy is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, has granted consent to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (MPNU).”

The company thanked President Tinubu for granting the approval and acknowledged the support of various ministries and regulators involved in the process. Further announcements will be made in line with regulatory requirements.

This approval comes more than two years after the deal was first announced in February 2022, following a prolonged regulatory delay. President Tinubu had indicated on October 1 that final approval would be granted shortly after clearance from the regulatory body.

As a result of the approval, Seplat Energy will acquire a 40% stake in four oil mining leases and key infrastructure, including the Qua Iboe export terminal and a 51% stake in the Bonny River natural gas liquids recovery plant, previously owned by Exxon’s subsidiary, Mobil Producing Nigeria Unlimited.