OrePulse

Distribution

Posted By OrePulse

Published: 21 Oct, 2024 12:56

Nigeria approves Exxon-Seplat deal after more than two years

Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said on Monday at an event in the capital Abuja that the ministerial approval had been granted.

Under the deal, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of Bonny River natural gas liquids recovery plant previously owned by Mobil Producing Nigeria Unlimited, Exxon's local unit.

Oil majors operating in Nigeria - Africa's largest oil exporter - have been retreating from onshore operations hampered by theft and sabotage, opting to focus future investments on newer and more lucrative deep offshore fields.

In July the NUPRC approved the sale of onshore assets by Eni's (ENI.MI), opens new tab local unit to Oando and another from Equinor (EQNR.OL), opens new tab to new entrant Project Odinmim.

The regulator offered in May faster approvals for pending asset sales by oil majors if they took responsibility for oil spills and compensated impacted communities rather than wait for authorities to apportion liability.

Back Next