Status Quo remains in ExxonMobile acquisition-NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says that status quo remains in respect to ExxonMobil/Seplat Energy share acquisition.

NUPRC Chief Executive, Mr Gbenga Komolafe made this known in a statement in Abuja.

Nigerian President, Muhammadu Buhari had on Monday, consented to the acquisition of ExxonMobil shares in the U.S.A by Seplat Energy Offshore Limited.

Komolafe said in the statement that NUPRC, in line with provisions of the Petroleum Industry Act 2021, was the sole regulator in dealing with such matters in Nigerian upstream sector.

He said as it were, the issue at stake was purely a regulatory matter and the commission had earlier communicated the decline of Ministerial Assent to ExxonMobil in this regard.

“That position remains the status quo and to the best of our knowledge as a regulator nothing has changed.

“The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector,” he said.

On Monday, the Nigerian government announced that President Muhammadu Buhari, 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,” the government said in statement.

“ExxonMobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation, Mobil Development Nigeria Inc, and 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.”

It went further to state that “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.”

Hauwa Abu