Buhari Approves Seplat’s acquisition Of Exxon Mobil Shares

PRESIDENT BUHARI SIGNS EXECUTIVE ORDER 11 PIC AA. President Muhammadu Buhari signs Executive Order Eleven for maintenance of Public Building as he presides over virtual FEC Meeting held at the Council Chambers State House Abuja. PHOTO; SUNDAY AGHAEZE. APRIL 6TH 2022

President Muhammadu Buhari has given consent to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.

Special Adviser to the President on Media and Publicity Femi Adesina announced this in a statement on Monday.

Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.

“In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.


“Considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy, President Buhari has given Ministerial Consent to the deal.

“The President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved.

“Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetization of the gas resources in the assets for the Nigerian economy.

“President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat,” the statement reads.

Check Also

Mikel Obi Quits Football At 35: See His Achievements

Former Super Eagles Captain John Obi Mikel has officially announced his retirement from active football. …

Robbers Attack AIT Executive Director In Abuja

DAAR Communications Plc, on Tuesday, raise the alarm over the attack on its Executive Director, …

INEC Vows To Track Politicians’ Campaign Fund

The Independent National Electoral Commission has warned political parties and politicians in Gombe State against …

Leave a Reply

Your email address will not be published.