Seplat Energy has confirmed receiving ministerial consent on the Exxonmobil deal.
According to a statement by the firm, President Muhammadu
Buhari has approved that ministerial consent be granted to Seplat Energy
Offshore Limited’s cash acquisition of the entire share capital of entities of
Exxon Mobil Corporation registered in Delaware, USA (ExxonMobil).
These entities are Mobil Producing Nigeria Unlimited (MPNU)
from its shareholders, Mobil Development Nigeria Inc (MDNI), and Mobil
Exploration Nigeria Inc (MENI).
“As announced on February 25, 2022, Seplat Energy had agreed
to acquire the entire share capital of MPNU for a purchase price of $1.283
billion plus up to $300 million contingent consideration,” the statement read.
“The transformational transaction will create one of the
largest independent energy companies on both the Nigerian and London Stock
Exchanges, and bolster Seplat Energy’s ability to drive increased growth,
profitability, and overall stakeholder prosperity.”
The approval is given by President Muhammadu Buhari in his
capacity as the Honourable Minister of Petroleum Resources, with the granting
of Ministerial Consent pursuant to the powers of the Minister under Paragraphs
14-16 of the First Schedule of the Petroleum Act, 1969.
A separate announcement from the State House was released
earlier.
In the letter, the President as petroleum minister directed
that the minister of state for petroleum shall convey Ministerial Consent to
all relevant parties.
These parties include but are not limited to the Nigerian
Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian National
Petroleum Company Limited (NNPC), the ExxonMobil companies, the Federal
Competition and Consumer Protection Commission (FCCPC), and Seplat
Energy/Seplat Energy Offshore Limited.
“The President further directed that the HMSPR shall ensure
that the ExxonMobil/Seplat Energy operating entity (being MPNU) carries out
operatorship of all the OMLs in the related shallow water assets to optimise
production in support of Nigeria’s OPEC quota in the short term as well as
ensure accelerated development and monetisation of the gas resources in the
assets for the Nigerian economy,” the release read.
“In addition, the Board and Management of Seplat Energy
thank President Muhammadu Buhari, for the Ministerial Consent to this landmark
acquisition of the entire share capital of MPNU.”
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