The federal government has officially approved ExxonMobil’s divestment of its oil and gas assets, valued at $1.28 billion, to Seplat Energy. This marks a significant step in a deal initially announced in February 2022, which is projected to boost Seplat’s oil production nearly fourfold, reaching over 130,000 barrels per day.
Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), revealed the news in Abuja on Monday.
During NUPRC’s third anniversary celebration and the launch of the Project 1MMBOPD Initiative, Komolafe noted that the approval for ExxonMobil is part of a larger divestment exercise conducted by the Commission. Out of five applications submitted, four have successfully passed the regulatory review, representing an 80 percent approval rate.
The approved transactions include the sale of Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited, Equinor Nigeria Energy Company Limited to Project Odinmin Investments Limited, Nigerian Agip Oil Company Limited to Oando Petroleum and Natural Gas Company Limited, and TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited.
However, the divestment of Shell Petroleum Development Company Limited’s assets to Renaissance Africa Energy Company Limited did not meet regulatory requirements.
