The Nigerian government has granted approval for Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets.

The Nigerian government has granted approval for Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets, marking a significant milestone in the nation’s energy sector. This was confirmed by the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during the agency’s third anniversary event in Abuja. The approval follows President Bola Tinubu’s earlier independence day speech on October 1, in which he hinted that the final authorization would be given shortly.

The acquisition deal, initially announced in February 2022, secures Seplat Energy a 40 percent interest in four Oil Mining Leases (OMLs), alongside critical infrastructure such as the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant. These assets were formerly managed by ExxonMobil’s Nigerian subsidiary, Mobil Producing Nigeria Unlimited.

In addition to Seplat’s deal, the government approved several other asset divestments, including Eni’s sale of Nigerian Agip Oil Company to Oando Plc, Equinor Nigeria’s transfer to Project Odinmin Investments, and a 10 percent divestment of TotalEnergies to Telema Energies. However, Shell’s proposed divestment to Renaissance Africa Energy did not pass regulatory scrutiny.

Komolafe emphasized that four of the five divestment transactions processed by the NUPRC have received ministerial consent, aligning with the regulatory standards set by the Petroleum Industry Act (PIA). This approval underscores the Nigerian government’s commitment to streamlining the country’s oil and gas sector while ensuring that the necessary regulatory frameworks are adhered to.