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FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks - Business - Nairaland

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FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Great100000: 5:00pm On May 04
The Federal Government may approve ExxonMobil’s asset sale to Seplat in less than two weeks if parties agree to two mutually exclusive options relating to decommissioning and host community rights, according to the Executive Secretary, Nigeria Upstream Petroleum Regulatory Council (NUPRC), Gbenga Komolafe.

However, he declined to mention the specific options being presented to the parties involved in the deal.

The NUPRC Executive Secretary told Reuters that a meeting between representatives of both companies would be called on Friday and the outcome would determine the approval status of the deal.

He said, “Subject to the outcome of the meeting, consent…could be given in less than two weeks from the date of the meeting,”

“As a commission, we don’t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities.”

Backstory


In February 2022, Seplat reached an agreement to acquire assets of Mobil Producing Nigeria Unlimited for about $1.28 billion. The transaction entails the acquisition of ExxonMobil Nigeria’s entire offshore shallow water business.

As required by law, former President Buhari approved the deal in his capacity as Minister of Petroleum Resources, stating that the deal was in sync with the nation’s ambition to attract investment in the petroleum and gas industry.

Following the President’s approval, the Executive Secretary of the NUPRC, Gbenga Komolafe declined the signing off on the deal, stating that that the commission is the sole regulator on such matters.


This has led to series of back and forth over the acquisition, which has halted investment in the assets in question and threw spanner in the works of other possible deals in the oil and gas industry.

Last year, Seplat’s CEO Roger Brown vowed to complete the deal, especially with the new President Bola Tinubu administration in place with a different approach calling the embattled acquisition “a game-changing operation.”

https://nairametrics.com/2024/05/02/fg-may-approve-exxonmobils-1-28-billion-asset-sale-to-seplat-in-two-weeks-report/

3 Likes 1 Share

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by wittywriter: 5:01pm On May 04
Monies far gone...if you know you know.



Wittyness

9 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Slytiger: 5:01pm On May 04
Thank God SEPLAT is indigenous.

15 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by OkpaNsukkaisBae(m): 5:03pm On May 04
almost all the foreign investors are leaving the country. The great Tinubulation is here.

32 Likes 1 Share

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Hez143(m): 5:49pm On May 04
approve am quick make seplat kickoff

1 Like

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by christejames(m): 5:50pm On May 04
They are now selling everything sellable just to push up the falling naira? shocked shocked shocked







Tinubu go soon sell Eko Atlantic if he is not restrained.

7 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Tjra: 7:27pm On May 04
christejames:
They are now selling everything sellable just to push up the falling naira? shocked shocked shocked



Tinubu go soon sell Eko Atlantic if he is not restrained.
Which school did you attend?

31 Likes 3 Shares

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Military0001: 7:31pm On May 04
Nigeria self
Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Kelvinofficial: 7:31pm On May 04
Nigerians complaining about these IOCs leaving are really myopic. At least now indigenous companies are taking over, which means retained revenue. The most important question we should be asking is if these indigenous companies have the technical expertise and financial chest to take over these oil wells!

32 Likes 3 Shares

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Eriokanmi: 7:31pm On May 04
They're leaving in droves, disposing of their assets. If this isn't backwardness I wonder what it is. Nigeria isn't the largest economy in Africa anymore...a point to ponder

What happened to Wil Bros , Solgas assets sold to indigenous companies today after they left?

7 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by oluwaseyi0: 7:31pm On May 04
Some people will still complain about this

4 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by AyakaDunukofia: 7:33pm On May 04
oluwaseyi0:
Some people will still complain about this
But, must you people see everything from the prism of ethnicity? What has any rich man's money in Nigeria brought to the generality of his people?

10 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Vulcan24(m): 7:34pm On May 04
I wish seplat all the best....

6 Likes 1 Share

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by favor914: 7:35pm On May 04
OkpaNsukkaisBae:
almost all the foreign investors are leaving the country. The great Tinubulation is here.
Ignorance man, they are diversifying & going offshore.

38 Likes 3 Shares

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by justking(m): 7:35pm On May 04
Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Abaziaka: 7:35pm On May 04
Ok

1 Like

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Vision101(m): 7:36pm On May 04
OkpaNsukkaisBae:
almost all the foreign investors are leaving the country. The great Tinubulation is here.
This is good for the country. It entails indigenous take over of our economy.

Mobil out and Seplat in .... nothing spoil.

8 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by sanpipita(m): 7:37pm On May 04
These companies came to Nigeria when oil was lucrative, now they are leaving hope it's not a sign, the business environment has been good too thanks to APC misrule, I just wonder how many more will leave in coming months

1 Like

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Hezmatosky: 7:43pm On May 04
Use the opportunity to give them employment order too. They should employ people. No one knows when all these companies dey employ their workers Chevron is the worst angry

2 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by money121(m): 7:44pm On May 04
Ok
Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by adeolamighty: 7:44pm On May 04
Tjra:

Which school did you attend?
The guy mumu I swear @ChristeJames. Is it the government that's selling the property?

7 Likes 1 Share

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Helpfromabove1(m): 7:46pm On May 04
Abeg how will this affect the masses
Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by MoneyMan5: 7:46pm On May 04
hh
Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by HisaacPlus: 7:47pm On May 04
christejames:
[s]They are now selling everything sellable just to push up the falling naira? shocked shocked shocked
[/s]






Tinubu go soon sell Eko Atlantic if he is not restrained.

You are sure high on expired Hero beer!

7 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Slytiger: 7:50pm On May 04
christejames:
They are now selling everything sellable just to push up the falling naira? shocked shocked shocked







Tinubu go soon sell Eko Atlantic if he is not restrained.
Tinubu does not own Eko Atlantic.

2 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by BigDawsNet: 7:51pm On May 04
I want to buy shares here
Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by Berankis: 7:52pm On May 04
OkpaNsukkaisBae:
almost all the foreign investors are leaving the country. The great Tinubulation is here.
Isn't it high time we started believing in ourselves as Nigerians and that we can build our nation to an enviable status? If only tribal sentiments and corruption of the mind will allow it.

3 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by SoNature(m): 7:54pm On May 04
Long overdue! Congratulations to Seplat!

3 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by NothingDoMe: 7:56pm On May 04
Kelvinofficial:
Nigerians complaining about these IOCs leaving are really myopic. At least now indigenous companies are taking over, which means retained revenue. The most important question we should be asking is if these indigenous companies have the technical expertise and financial chest to take over these oil wells!
Yes, they do have the technical expertise. The oil majors often try to "divest" the staff along with the facilties. When not successful, the takeover company leverages on former mangers of these or other oil companies.

4 Likes

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by NinjaMetahuman: 7:57pm On May 04
Tjra:

Which school did you attend?
Does he sound like someone who went to school?

3 Likes 1 Share

Re: FG May Approve Exxonmobil’s $1.28 Billion Asset Sale To Seplat In Two Weeks by kennyz247(m): 8:00pm On May 04
Good one

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