The federal government has officially sanctioned Seplat Energy’s acquisition of Exxon Mobil’s onshore assets, a deal valued at $1.28 billion. This landmark approval comes more than two years after the initial agreement was announced in February 2022.
The long-awaited approval was confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the commission’s third anniversary event in Abuja. President Bola Tinubu had previously indicated on October 1 that the final green light was imminent, following the necessary regulatory clearance.
Through this acquisition, Seplat Energy will secure a 40 percent interest in four oil mining leases along with vital infrastructure assets. These include the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, both of which were previously held by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.
This acquisition marks a pivotal moment for Seplat Energy as it strengthens its position in the Nigerian oil and gas landscape.
