The federal government has officially approved Seplat Energy’s purchase of Exxon Mobil’s onshore assets valued at $1.28bn.
The approval was confirmed by the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe on Monday.
Komolafe while speaking at the NUPRC’s 3rd Anniversary event in Abuja said that the ministerial approval had now been secured.
The approval comes more than two years after the deal was announced in February 2022, signalling a prolonged regulatory delay.
President Bola Tinubu had indicated on October 1 that the final approval would be granted within days, following clearance from the regulatory body.
Seplat Energy will acquire a 40 per cent stake in four oil mining leases as a result of the approval.
The company will also get 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.
