More
    HomeLatest NewsBuhari approves Seplat Energy's acquisition of Exxon Mobil shares

    Buhari approves Seplat Energy’s acquisition of Exxon Mobil shares

    Published on

    - Advertisement -

    In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.

    Exxon Mobil had 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.
    In a statement issued in Abuja on monday by the Special Adviser to the President on Media and Publicity Femi Adesina said in consideration of extensive benefits of the transaction to the Nigerian Energy sector and the larger economy, President Buhari has given Ministerial Consent to the deal.
    According to him, this action is part of the President’s commitment to investment drive and in line with the Petroleum Industry Act. Buhari therefore 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.

    In the agreement, 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.
    President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.

    Latest articles

    Yahaya Bello Hiding in Kogi Government House, Alleges PDP Chieftain Usman Okai

    By Milcah Tanimu Austin Okai, the Peoples Democratic Party (PDP) candidate...

    Cholera Death Toll Rises to 37 as Lagos Records 401 Cases

    By Milcah Tanimu The ongoing cholera outbreak in Nigeria has resulted...

    Wales FA Dismisses Rob Page Following Euro 2024 Qualification Failure

    By Milcah Tanimu The Football Association of Wales (FAW) has officially...

    Nigeria’s Debt Stock Surges to N121 Trillion – DMO

    By Milcah Tanimu Nigeria's total public debt stock has reached N121.67...

    More like this

    Yahaya Bello Hiding in Kogi Government House, Alleges PDP Chieftain Usman Okai

    By Milcah Tanimu Austin Okai, the Peoples Democratic Party (PDP) candidate...

    Cholera Death Toll Rises to 37 as Lagos Records 401 Cases

    By Milcah Tanimu The ongoing cholera outbreak in Nigeria has resulted...

    Wales FA Dismisses Rob Page Following Euro 2024 Qualification Failure

    By Milcah Tanimu The Football Association of Wales (FAW) has officially...