ExxonMobil’s Oil, Gas Asset Sale To Seplat Approved By NUPRC

In a significant development for Nigeria’s oil and gas sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the $1.3 billion sale of ExxonMobil’s onshore oil and gas assets to Seplat Energy.

The official announcement was made on Mionday during the launch of NUPRC’s one million barrels per day project at an event held at Transcorp, Abuja.

This approval was confirmed by NUPRC CEO Gbenga Komolafe.

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This marks the culmination of a transaction that received ministerial consent and aligns with President Bola Tinubu’s promise in his October 1st broadcast.

The deal enables ExxonMobil to shift its focus towards expanding its offshore oil operations in Nigeria.

According to Bloomberg, the sale will allow ExxonMobil to concentrate on its offshore assets, with the company considering up to $10 billion in investments for future projects in Nigerian waters.

Seplat’s acquisition is expected to bolster its position in Nigeria’s oil sector, further consolidating its portfolio.