Nigeria Approves ExxonMobil’s $1.28 Billion Asset Sale to Seplat

Nigeria has approved the sale of ExxonMobil’s onshore assets to Seplat Energy, according to Reuters. The $1.28 billion deal had been under regulatory review since it was announced in February 2022. The approval was confirmed by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO, Gbenga Komolafe, on Monday at an event in Abuja.

The deal received ministerial approval following President Bola Tinubu’s pledge earlier this month. Seplat will acquire a 40 per cent stake in four oil mining leases, including the Qua Iboe export terminal, and 51 per cent ownership of the Bonny River gas plant, previously owned by ExxonMobil’s local unit, Mobil Producing Nigeria Unlimited.

In similar developments, Nigeria has seen major oil companies, including Eni and Equinor, shift their focus from onshore to offshore operations due to challenges like oil theft and pipeline sabotage. ExxonMobils and TotalEnergies have additionally reported significant losses due to Nigeria’s economic landscape.

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