ExxonMobil Awaits NNPC Limited To Lift Injunction On Seplat
ExxonMobil has stated that it is awaiting the Nigerian National Petroleum Company Limited to lift the injunction preventing the sale of its asset to Seplat Energy.
The company’s Regional Communications Manager – Africa, Oge Udeagha, disclosed this to our correspondent while responding to an inquiry.
He said earlier that the NNPC had on Thursday confirmed it had signed a settlement agreement with ExxonMobil companies in Nigeria over the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy.
The energy company said, “Settlement agreement between NNPC Ltd and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited,”
It is believed that the resolution of the controversies surrounding the sale of the asset to Seplat would add about 480,000 barrels to Nigeria’s oil production.
The Minister of States for Petroleum, Heineken Lokpobiri, said recently that Nigeria had lost about $30bn in the past two and a half years as a result of the unsuccessful divestment.
He said the asset was producing about 600,000bpd until the crisis began in 2022, saying the nation was losing millions of dollars daily when production dropped to 120,000bpd.
The divestment deal between Seplat and ExxonMobil has been stalled for over two years.
On July 12, 2022, he said that NNPC blocked ExxonMobil’s asset sale to Seplat.
The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.
Seplat had agreed to acquire the United States oil major’s subsidiary for at least $1.28bn in February.
The report stated that NNPC wished to block the transaction and to take over the permits itself.
NNPC sued Mobil Producing Nigeria Unlimited on July 5, 2022, asking the Federal High Court either to order that a dispute had occurred between the parties over preemption rights or to order them to take the matter to arbitration.
Seplat, which was not a party to the lawsuit, had said its deal with Exxon was “still valid” and the company “remains confident that the matter will be brought to a proper conclusion by the law”.
Reacting to the settlement agreement, Udeagha stated that the agreement was for NNPCL to lift the injunction so that the sale of the asset to Seplat could be concluded.
“We have reached an agreement with NNPCL to lift the injunction that prevented the sale of Mobil Producing Nigeria Unlimited shares to Seplat.” he said.
Punch News/ Jamiu Ogunshe
