The Nigerian government has officially approved the sale of Exxon Mobil Corp.’s oil and gas assets to local energy firm Seplat Energy Plc, bringing to a close a protracted two-year delay in finalizing the $1.3 billion transaction.
President Bola Tinubu, who also serves as the Minister of Petroleum, granted ministerial approval for this deal along with three others, according to Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission. This development marks a significant step forward for the country’s oil sector, which has faced numerous regulatory hurdles in recent years.
In contrast, Komolafe noted that a separate sale involving Shell Plc’s Nigerian onshore oil business to a consortium of domestic companies for over $1.3 billion was not approved. This rejection underscores the ongoing complexities and challenges within Nigeria’s oil and gas regulatory landscape as the government seeks to manage the transition to local ownership while ensuring compliance with its strategic energy goals.
