The purchase of Exxon Mobil shares in the United States by Seplat Energy Offshore Limited has the approval of President Muhammadu Buhari.
According to a statement released on Monday by Femi Adesina, Special Advisor to the President on Media and Publicity, the President gave his consent in his capacity as Minister of Petroleum Resources and in keeping with the nation’s push for Foreign Direct Investment (FDI) in the energy sector.
Exxon Mobil Corporation, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc., both of which are registered in Delaware, the United States, had entered into a historic Sale and Purchase Agreement with Seplat Energy in order to acquire the entire share capital of Mobil Producing Nigeria Unlimited.
“Considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy, President Buhari has given Ministerial Consent to the deal.
“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.
“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.
“President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat,” Adesina said.