ExxonMobil has disclosed that the sale of Mobil Producing Nigeria Unlimited shares for $1.28 billion to Seplat Energy Plc. is nearing its conclusion.
Seplat is a Nigerian energy company listed on the Nigerian Exchange and London Stock Exchange.
The chief executive, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe disclosed that the government approved the international oil company, IOC’s move to divest its assets to Seplat.
ExxonMobil’s regional communications manager, Africa, Oge Udeagha, also said: “We welcome the regulator’s announcement and look forward to formally receiving the Ministerial Consent as we work toward the conclusion of the sale.”
Similarly, in a statement titled “Seplat Energy Announces NUPRC Confirmation of Consent on MPNU Deal,” the director, External Affairs & Social Performance, Seplat Energy Plc, Chioma Afe, confirmed this.
She said: “Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange and the London Stock Exchange, is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has confirmed that consent has been granted by the Minister of Petroleum Resources in Nigeria, President Bola Tinubu, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited.
“Seplat Energy sincerely thanks President Bola Tinubu for granting this approval and appreciates the support and diligence of the various ministries and regulators for all the work on this transaction.
“Further announcements will be made as and when appropriate, in line with regulatory requirements.”
Speaking earlier at the launch of Project 1MMBOPD Initiative themed “NUPRC at 3: Transformation, Innovation and Excellence”, yesterday, Engr. Komolafe said: “Divestment is an acknowledged practice in business globally.
“In recognition of this, as a nation, Nigeria is fully committed to the philosophy of free entry and free exit as further re-iterated by President Bola Tinubu in his October 1st, 2024, speech.
“The NUPRC in operationalizing these seven regulatory pillars to guide divestment in the upstream oil sector for sanity and protection of national interest.
“We are happy to announce the status of the divestment exercise conducted diligently by the Commission in line with the provisions of the PIA.
“Out of the total of five (5) divestment applications for consent received by the Commission, a total of four (4) (representing 80%) passed the regulatory test and secured ministerial consent.”
He said the divestments of ExxonMobil 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; TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited were successful.
According to him, NUPRC remains committed to “the realisation of the government’s mandate for increased production and enhanced federation revenue.
“You may recall that by January 1 this year, we issued the Regulatory Action Plan for 2024 and the near term, to signal direction for the upstream sector and foster operational excellence.
“The implementation of that plan has birthed the Project 1 Million Barrels of Oil Per Day Initiative, which is to be launched today.”
