Exxon Mobil assets: We are not yet notified of approval reversal – Seplat

Exxon Mobil assets: We are not yet notified of approval reversal – Seplat

Seplat Energy, a leading Nigerian energy company, Thursday, said that it has not yet received any official information about the withdrawal of Federal Government’s consent in its $1.3 billion oil deal with Mobil Producing Nigeria Unlimited, MPNU.

However, the company promised to continue working with relevant parties to conclude the proposed acquisition.

THECONSCIENCEng reports that a statement from the organization quoted: “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of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) has been withdrawn.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.”

President Buhari had reversed his earlier Consent, authorising the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.

Before then, Seplat Energy had 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, arguing that as a partner, it should have been granted the right of first refusal in purchasing the assets.

Recall also that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC had also objected to offering the assets to Seplat Energy Plc.