More than a year after rejecting former President Muhammadu Buhari consent for Seplat’s acquisition of ExxonMobil’s shallow water assets, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it is optimistic that the deal can move forward.
In February 2022, ExxonMobil agreed to sell its stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore, a wholly owned subsidiary of Nigerian independent oil and gas company Seplat Energy, for $1.283bn plus a contingent consideration of up to $300m.
Chief Executive of NUPRC, Gbenga Komolafe, told Reuters on the sidelines of Africa Oil Week in Cape Town, that “the regulator will do what it needs to” once Exxon had made proper agreements with its joint-venture partners in the assets.
“We are very optimistic that parties to the transaction will go back, look at the position of the regulator and come back by abiding by the provisions of Nigerian laws and the right thing will be done,” he said.
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Seplat CEO Roger Brown told Reuters he was “hopeful” the deal could be concluded this year.
“We have very good relationships with the regulator and that is why it takes time and the NNPC is a partner to us and we want to respect the partnership and resolve the issue,” he said.
