Minister of Petroleum Resources, President Muhammadu Buhari has consented to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Ltd., a Nigerian outfit. ExxonMobil, the parent company had earlier entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon…
ExxonMobil, the parent company had earlier 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 of the U.S.A. Mr Femi Adesina, the president’s spokesman stated on Monday in Abuja that the president’s consent was in consonance with Nigeria’s drive for increased indigenous participation in the energy sector.
“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.“Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licences in the related shallow water assets towards production optimisation to support Nigeria’s OPEC quota in the short term.
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