Nigeria: Two Years After, $1.2bn ExxonMobil, Seplat Deal Takes Off

30 May 2024
Daily Trust (Abuja)
By Abdullateef Aliyu

NNPCL has announced the signing of a settlement agreement involving ExxonMobil's divestment of its stake in MPNU to Seplat Energy.

The Nigerian National Petroleum Company (NNPC) Limited has announced the signing of a settlement agreement facilitating the divestment of ExxonMobil's stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.

According to a statement released on Thursday by NNPC, the agreement involves MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.

"Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100% interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited," NNPC stated.

This was coming two years after Seplat announced that it had bought the entire offshore shallow water business of ExxonMobil in Nigeria at a cost of $1.2 billion.

It would be recalled that President Bola Tinubu had directed the Ministry of State for Petroleum Resources (Oil) and NNPC to resolve the divestment issue that had stalled the Seplat and ExxonMobil deal for over two years.

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