By Ali Elias
The federal government has formally approved Seplat Energy’s acquisition of Exxon Mobil’s onshore assets, a transaction valued at $1.28 billion. The confirmation came from Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the agency’s 3rd Anniversary event in Abuja on Monday, where he announced that ministerial approval had been granted.
This decision follows a regulatory process spanning over two years since the deal was initially announced in February 2022, reflecting significant delays. President Bola Tinubu had hinted on October 1 that the final approval would be completed soon after regulatory clearance.
With this approval, Seplat Energy will secure a 40 percent stake in four oil mining leases, along with strategic infrastructure such as the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, both previously operated by Exxon’s local arm, Mobil Producing Nigeria Unlimited.
This move not only strengthens Seplat’s position in the Nigerian energy sector but also reflects the government’s renewed commitment to facilitating local ownership in oil and gas operations.