Nigeria has granted approval for Exxon Mobil Corp. to sell its oil and gas assets to the local energy company Seplat Energy Plc, bringing to a close a prolonged two-year delay in finalizing the $1.3 billion deal.
President Bola Tinubu, granted ministerial approval for this agreement along with three others, according to Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission.
On Monday, during an event in the capital city of Abuja, Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), announced that the ministerial approval has been secured.
Under the agreement, Seplat will acquire a 40% interest in four oil mining leases and the related infrastructure, which includes the Qua Iboe export terminal. Additionally, Seplat will hold a 51% stake in the Bonny River natural gas liquids recovery plant that was formerly operated by Mobil Producing Nigeria Unlimited, the local division of Exxon.
