The Federal government has officially approved Seplat Energy’s acquisition of ExxonMobil’s onshore assets in a deal valued at $1.28 billion.
This approval, confirmed on Monday by the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, marks the conclusion of a two-year regulatory process that began in February 2022.
The deal allows Seplat Energy to acquire a 40% stake in four oil mining leases, as well as key infrastructure, including the Qua Iboe export terminal, and a 51% interest in the Bonny River natural gas liquids recovery plant.
The assets were previously held by ExxonMobil’s subsidiary, Mobil Producing Nigeria Unlimited.
President Bola Tinubu had hinted at the impending approval on October 1, noting it would come following clearance from the NUPRC.
