The Nigerian government has approved Seplat’s purchase of ExxonMobil’s offshore assets valued at $1.28 billion. The approval was announced by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC.
This comes over two years after the deal was announced back in 2022, exactly two years ago. In line with the approval, Seplat Energy will acquire 40% stake in ExxonMobil’s oil mining leases. The approval had initially been issued but was delayed due to some regulatory issues.
Also, Seplat Energy will acquire Exxon’s shallow water offshore operations. ExxonMobil is not the only international oil company (IOC) pursuing an offshore-focused divestment strategy to exit Nigeria’s onshore oil and gas sector.
In January 2024, Shell Plc signed an agreement to sell its onshore oil assets in Nigeria to a local consortium for over $1.3 billion, subject to government approval.
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Also, Shell is expecting additional payments that could reach up to $1.1 billion. The consortium, known as Renaissance, includes ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.
Similarly, TotalEnergies has revealed plans to divest its minority stake in a prominent Nigerian onshore oil joint venture, following Shell’s decision to divest.
As Shell divests its offshore operations, Seplat energy will come on board after a two-year delay.
