Buhari approves Seplat’s acquisition of Mobil Nigeria from ExxonMobil

President Muhammadu Buhari has approved Seplat Energy‘s acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation.

Mr Buhari approved the transfer in his capacity as Minister of Petroleum Resources.

Exxon Mobil entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.

The presidency said President Buhari gave the approval in consonance with the country’s drive for Foreign Direct Investment in the energy sector and considering the “extensive benefits of the transaction to the Nigerian Energy sector and the larger economy.”

“The President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved,” spokesperson Femi Adesina siad in a statement Monday.

“Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetization of the gas resources in the assets for the Nigerian economy.”

Mr Buhari also directed that all…

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