This confirmation was provided by Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the agency's 3rd Anniversary event in Abuja on Monday.
Komolafe stated that the necessary ministerial approval has now been obtained.
This decision comes over two years after the initial announcement of the deal in February 2022, highlighting a significant regulatory delay.
President Bola Tinubu had previously indicated on October 1 that the final approval would be issued shortly after receiving clearance from the regulatory authority.
As a result of this approval, Seplat Energy will acquire a 40 percent interest in four oil mining leases, along with essential infrastructure, including the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, both of which were formerly owned by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.