The Nigerian government has officially approved Seplat Energy’s $1.28 billion acquisition of Exxon Mobil’s onshore assets. This was confirmed by the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during the commission’s 3rd Anniversary event in Abuja on Monday.
The approval, which comes over two years after the deal was initially announced in February 2022, follows President Bola Tinubu’s recent indication that it would be finalized soon. The regulatory clearance marks the end of a prolonged delay in the transaction process.
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With this approval, Seplat Energy will acquire a 40 percent stake in four oil mining leases, along with key infrastructure such as the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, previously managed by Exxon’s subsidiary, Mobil Producing Nigeria Unlimited.
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