Buhari approves acquisition of Exxon Mobil shares by Seplat

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.

According to a statement issued on Monday by the Special Adviser to the President on Media and Publicity, Femi Adesina, President Buhari gave ministerial consent to the deal after considering the extensive benefits of the transaction to the Nigerian energy sector and the larger economy.

The President 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.

Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.

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

The Star