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Tuesday, 09 August 2022 16:30

Upstream petroleum regulator rejects Buhari’s approval of Seplat’s takeover of ExxonMobil

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says all parties should maintain the status quo in respect of ExxonMobil/Seplat Energy share acquisition.

In a statement Monday night and signed by Chief Executive of NUPRC, Engr Gbenga Komolafe, the Commission is the sole agency responsible for said such regulatory matters.

Earlier Monday, Special Adviser to the President (Media and Publicity), Femi Adesina, said 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, consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.

Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.

“Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Engr. Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

“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 a predictable and conducive regulatory environment at all times in the Nigerian upstream sector,” the statement said.

[BluePrint]

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