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President Buhari Approves Seplat’s Purchase Of Exxon Mobil Shares

President Buhari Approves Seplat’s Purchase Of Exxon Mobil Shares

President Buhari Approves Seplat’s Purchase Of Exxon Mobil Shares

President Buhari Approves Seplat’s Purchase Of Exxon Mobil Shares

Major General Muhammadu Buhari (retired), the president, has approved Seplat Energy Offshore Limited to purchase the entire share capital of Mobil Producing Nigeria Unlimited.

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‘President Buhari consents to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.,’ read a tweet from the Presidency on Monday afternoon.

The Presidency claims that Buhari gave the order as Minister of Petroleum in order to draw foreign direct investment to the nation.

Additionally, he ordered Seplat and Exxon Mobil to reduce all environmental and abandonment obligations.

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The statement read in part, “In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President @MBuhari has consented to the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.

President Buhari Approves Seplat’s Purchase Of Exxon Mobil Shares

“Exxon Mobil had entered into a landmark Sale & Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, & Mobil Exploration Nigeria Inc, registered in Delaware, USA.

“Considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy, President @MBuhari has given Ministerial Consent to the deal.

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“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 to the transaction, and directed that the approval be conveyed to all the parties involved.”

Consequently, Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetization of the gas resources in the assets for the Nigerian economy.


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