ABUJA, 21 October 2024: Nigeria has officially approved Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets, as confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The long-awaited approval comes more than two years after the deal was initially agreed upon in February 2022.
The sale had faced regulatory scrutiny but received final clearance following President Bola Tinubu’s announcement on October 1, stating the deal would gain ministerial approval within days.
Seplat’s acquisition includes a 40% stake in four oil mining leases and associated infrastructure, such as the Qua Iboe export terminal, and a 51% interest in the Bonny River natural gas liquids recovery plant, previously owned by ExxonMobil’s local subsidiary, Mobil Producing Nigeria Unlimited.
Oil majors in Nigeria, the continent’s largest oil exporter, have been shifting focus from onshore operations due to persistent theft and sabotage, directing future investments toward more lucrative deepwater projects.
Earlier this year, the NUPRC approved similar onshore asset sales, including Eni’s local unit to Oando and Equinor’s sale to new entrant Project Odinmim.
In May, the NUPRC pledged quicker approvals for pending asset sales and urged oil majors to take responsibility for environmental damages, including oil spills, while ensuring compensation for affected communities, rather than waiting for regulatory intervention.
