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Monday, July 15, 2024

SEPLAT yet to apply for Ministerial consent on ExxonMobil’s assets acquisition- Komolafe

The chief executive Nigerian Upstream Petroleum Regulatory Commission (NUPRC), GBENGA Komolafe has disclosed that Seplat Pls is yet to apply for ministerial consent on the acquisition of ExxonMobil’s 40 percent stake in MPNU assets

Komolafe who was speaking during the ongoing Nigeria Oil and Gas week in Abuja, said: “On the MPN – SEPLAT expression of interest on commitment to apply for ministerial consent, we are yet to receive any as we speak.”

The Nigerian National Petroleum Company Limited (NNPC Ltd) finally signed a settlement agreement with Mobil Producing Nigeria Unlimited, Mobil
Development Nigeria Inc., and Mobil Exploration Nigeria Inc. resolving the long-standing compliance issues under Section 14 of the 2019 Joint Operating Agreement (JOA) contained in the Petroleum Industry Act (PIA).

This settlement was reached between the
management of the two organizations in March, thereby granting consent to the sale of ExxonMobil’s 40 percent stake in MPNU assets to Seplat Energy Plc for $1.3 billion.


The agreement is expected to pave the way for the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to close the deal by granting the parties involved the Subject-to-Clearance Consent within 30 days.

Komolafe also announced the completion of oil assets sale between NAOC and Oando, and Equinor – Project Odinmim divestments while Shell Petroleum Development Company (SPDC) – RENAISSANCE $2.4 billion  deals is currently undergoing due diligence.

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