• Wednesday, July 24, 2024
businessday logo

BusinessDay

Ministerial consent for Seplat/ExxonMobil deal still outstanding, NUPRC says

NUPRC sets 24-hour deadline for oil block licensing registration

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has not yet received ministerial consent for the acquisition of Exxon Mobil shares by Seplat Energy, according to its CEO Gbenga Komolafe.

This clarifies the ongoing situation surrounding the deal, which has seen conflicting pronouncements.

Komolafe who was speaking during the 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.”

Read also: Prioritise competitive fiscal over attractive options, IOCs tell FG

That’s after the Nigerian National Petroleum Company (NNPC) Limited signed a settlement agreement for the divestment of the international oil major’s $1.28 billion stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc, in what is a precursor to regulatory approval.

The agreement, which had stalled for two years was expected to get green light after visits by top executives from the oil major to President Bola Tinubu, a former ExxonMobil staff.

Disagreements and a court ruling that temporarily prevented ExxonMobil from selling its assets to Seplat Energy held back the deal from going over the line.

More details later…