. Two years after, NUPRC approves ExxonMobil/Seplat $1.28 billion deals
The Nigerian Government has declined approval for the Renaissance Africa Energy’s acquisition of Shell’s onshore assets in the country.
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Stating that completion “of the transaction is subject to the requisite regulatory approvals,” the consortium consisting of ND Western Limited, Aradel Holdings Plc. the Petrolin Group, FIRST Exploration and Petroleum Development Company Limited and the Waltersmith Group, said that the deal “marks a significant milestone for Renaissance, establishing its strategic position in the Nigerian market.”
Platforms Africa reports that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) however said that the deal has been halted as it denied approval for it.
It however announced approval for the $1.28 billion sale of ExxonMobil Corp’s onshore assets to Seplat Energy.
The endorsement is coming more than two years after the deal was initially announced in February 2022.
The long-delayed transaction received final ministerial approval following clearance from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
This was announced by NUPRC CEO Gbenga Komolafe during an event in Abuja on Monday.
Under the agreement, Seplat Energy will acquire 40 per cent of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal and 51 per cent of the Bonny River natural gas liquids recovery plant, previously owned by ExxonMobil’s Nigerian unit, Mobil Producing Nigeria Unlimited.
Nigeria, has seen major oil companies retreat from onshore operations due to issues like theft and sabotage, redirecting investments toward more profitable deep offshore fields.
The NUPRC, in July, also approved the sale of onshore assets by Eni and Equinor to Oando and Project Odinmim, respectively.
Platforms Africa
