The federal government (FG) has given official clearance to Seplat Energy’s acquisition of Exxon Mobil’s onshore assets, which are worth $1.28 billion.
Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed the clearance during the agency’s 3rd anniversary celebration in Abuja on Monday.
Komolafe confirmed that the required governmental permission had been acquired. In a statement issued on October 1, President Bola Tinubu stated that final permission will be granted within days after regulatory clearance.
With this permission, Seplat Energy will acquire a 40% share in four oil mining licenses.
Additionally, the company will gain access to essential infrastructure, including the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, both of which were previously operated by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.
