Nigeria Greenlights Seplat's Acquisition of ExxonMobil's Onshore Assets

Nigeria's upstream regulator has approved Seplat Energy's purchase of Exxon Mobil Corp's onshore assets. This $1.28 billion deal, announced in 2022, includes oil mining leases and natural gas infrastructure. Nigeria's oil majors are shifting focus from onshore to lucrative deep offshore fields amid theft and sabotage.

Nigeria has given the green light for Seplat Energy's acquisition of Exxon Mobil's onshore assets, as confirmed by the chief executive of the country's upstream regulator on Monday. The $1.28 billion sale, initially agreed upon over two years ago, had been under regulatory scrutiny since February 2022.

The long-awaited deal received ministerial approval following President Bola Tinubu's statement on Oct. 1, where he announced its imminent clearance. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe confirmed the approval at an event in Abuja.

Under this agreement, Seplat will secure a 40% stake in four oil mining leases and associated infrastructure. Meanwhile, oil majors in Nigeria are increasingly focusing on offshore ventures, as onshore operations face challenges like theft and sabotage.

(With inputs from agencies.)