Nigeria approves $1.28bn Seplat-ExxonMobil deal after two-year delay

The federal government has officially approved Seplat Energy’s purchase of Exxon Mobil’s onshore assets, valued at $1.28 billion, more than two years after the deal was originally struck.

This sale has faced prolonged regulatory delays since its announcement in February 2022.

On Monday, Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed at the NUPRC 3rd Anniversary event in Abuja that the ministerial approval had now been secured. President Bola Tinubu had indicated on October 1 that the final approval would be granted within days, following clearance from the regulatory body.

Through this deal, Seplat Energy will acquire a 40 per cent stake in four oil mining leases, as well as key infrastructure, including the Qua Iboe export terminal and a 51 per cent stake in the Bonny River natural gas liquids recovery plant, both previously owned by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.

More details to follow…