Seplat: We'll continue to pursue FG approval for Mobil Oil Producing asset acquisition

the acquisition despite the opposition of regulatory agencies and national oil company.Commenting on the acquisition, Roger said the company hopes to“We are continuing to pursue the presidential approval received on the 8 August 2022 for the MPNU acquisition and we remain focused on concluding the transaction within the remaining term of President Buhari before a new president is sworn into office at the end of May 2023,” he said.

Meanwhile, the Seplat CEO said the company is implementing its roadmap to net zero and have made “encouraging progress with a 35 percent reduction in emission“The major reduction in carbon emissions is routine flaring which we are on target to eliminate by the end of 2024,” Roger said.“Alongside these efforts, and as part of our stated strategy to become Nigeria’s energy champion across the

entire value chain, we are planning to invest in gas-to-power and solar power projects with FID targeted for later this year if the projected returns meet our internal hurdle rates.”

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Mobil asset acquisition awaiting FG approval – Seplat MDSeplat Energy Plc has said the sale and purchase agreement to acquire the entire share capital belonging to Mobil Producing Unlimited, Nigeria for $1.28 million, plus up to $300 million contingent consideration, was still awaiting presidential approval.
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