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.
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.