Seplat Energy Secures Exxon Mobil’s Onshore Assets

Nigeria has approved Seplat Energy's purchase of Exxon Mobil's onshore assets, a deal worth $1.28 billion. The sale, initially agreed over two years ago, finally received regulatory and ministerial approval, as announced by the CEO of the Nigerian Upstream Petroleum Regulatory Commission.

Nigeria has officially sanctioned the sale of Exxon Mobil Corp's onshore assets to Seplat Energy, marking the culmination of a deal initially agreed upon over two years ago. The transaction is valued at $1.28 billion.

After extensive scrutiny and regulatory roadblocks since its announcement in February 2022, the deal has now cleared final hurdles. President Bola Tinubu confirmed on October 1 that it would soon gain ministerial approval following clearance from the regulator.

At an event in Abuja, Nigerian Upstream Petroleum Regulatory Commission CEO Gbenga Komolafe announced that the regulator had recommended the deal and it subsequently received ministerial approval, paving the way for completion.