May 22, 2024
MOBIL OIL DEAL: We have not been notified of Consent withdrawal — Seplat Energy
Seplat Energy’s gas revenue grows to $63.7 million year-on-year
– By Godswill Odiong

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By Eyo Nsima
Seplat Energy, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, said it has not yet been informed about the withdrawal of Ministerial Consent by President Muhammadu Buhari over Mobil Producing Nigeria Unlimited, MPNU $1.3 billion oil deal.

In a statement obtained by The Daily, https://thedaily-ng.com, the company, stated: “Seplat Energy has become aware of a news report claiming that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) has been withdrawn.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities. We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.”

Seplat Energy had earlier agreed to acquire the entire share capital of MPNU at the cost of $1.3 billion plus up to $300 million contingent consideration, but the Nigerian National Petroleum Company Limited had disagreed, saying it should be granted the right of first refusal to procure the same assets.

The regulator, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, had also supported the position of the NNPC Limited.
In a statement obtained by The Daily, https://thedaily-ng.com, NUPRC had stated: “As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains. The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”

 

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