Buhari approves Seplat's acquisition of Mobil Nigeria from ExxonMobil

‘s acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation.Exxon Mobil 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.

Mr Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.Seplat’s move to take over the asset suffered setback after NNPC asserted a right of first refusal on the deal. NNPC had prayed the court, State High Court of the Federal Capital Territory, to declare that a conflict happened between the state-owned oil company and MPNU over the “interpretation of preemption rights under their Joint Operating Agreement and order NNPC and MPNU to arbitration as required by the JOA.”

ExxonMobil’s move to exit Africa’s largest crude producer mirrors the growing tendency among international oil companies to discontinue their stakes in offshore operations in the country and plough in their investment elsewhere.

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