Seplat Energy Plc, a leading Nigerian energy company has commended President Bola Tinubu for giving his consent for the company to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (MPNU), worth $1.3 billion.
The energy giant gave the commendation in a statement made available on Tuesday.
Recall that the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe announced on Monday that consent has been granted by the Minister of Petroleum Resources in Nigeria, President Bola Tinubu for the sale of Exxon Mobil onshore oil and gas asset to Seplat.
He spoke at the Launch of Project 1MMBOPD Initiative, with Theme: NUPRC@ 3: Transformation, Innovation and Excellence held in Abuja.
Engr. Komolafe said Nigeria is fully committed to the philosophy of free entry and free exit as further re-iterated by President, Bola Tinubu, in his October 1st, 2024, speech.
He explained that “the NUPRC in operationalising this principle, developed seven regulatory pillars to guide divestment in the upstream oil sector for sanity and protection of national interest.
“We are happy today to announce the status of divestment exercise conducted diligently by the Commission in line with the provisions of the PIA. Out of the total of five (5) divestment applications for consent received by the Commission, a total of four (4) (representing 80%) passed regulatory test and secured ministerial consent.
“The transactions are: 1. Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited, Equinor Nigeria Energy Company Limited to Project Odinmin Investments Limited, Nigerian Agip Oil Company Limited to Oando Petroleum and Natural Gas Company Limited, and TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited.
“However, the divestment of Shell Petroleum Development Company Limited’s assets to Renaissance Africa Energy Company Limited could not scale regulatory test”, the Regulator announced.
Reacting to the announcement, Seplat thanked the President for granting the approval, and appreciated the support and diligence of the various Ministries and regulators for all the work on the Transaction. Noting that further announcements would be made as and when appropriate, in line with regulatory requirements.
