Nigeria has officially approved Exxon Mobil Corp.’s sale of its oil and gas assets to Seplat Energy Plc, concluding a lengthy two-year delay on the $1.3 billion deal.
President Bola Tinubu granted ministerial consent for the transaction, along with three other agreements, as confirmed by Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking at an event in Abuja on Monday, Komolafe announced that the necessary ministerial approval had been secured.
As part of the agreement, Seplat Energy will acquire a 40% stake in four oil mining leases and associated infrastructure, including the Qua Iboe export terminal. Additionally, Seplat will take control of a 51% share in the Bonny River natural gas liquids recovery plant, which was previously operated by Mobil Producing Nigeria Unlimited, a subsidiary of Exxon.
