NNPCL, MPNU to sign settlement agreement in the ExxonMobil-Seplat deal

The Nigerian National Petroleum Company Limited, NNPCL, has disclosed that a settlement agreement has been signed for the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited, MPNU, to Seplat Energy Plc.
According to a statement on Thursday by the national oil company, the agreement was signed with MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.
“Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100% interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited,” NNPC said.
President Bola Tinubu on Tuesday at a meeting with a delegation from ExxonMobil Upstream Company, led by Liam Mallon ordered the Ministry Of State For Petroleum Resources (Oil) and the Nigerian National Petroleum Company (NNPC) Limited to resolve the logjam.
At the meeting, Tinubu assured the delegation that the federal government is committed to resolving the divestment issues between the company and Seplat Energy, which are currently in litigation.
The deal had been stalled for over two years.
In February 2022, Seplat announced an agreement to acquire ExxonMobil’s 40 per cent stake in MPNU — with the expectation that the transaction will be closed in the second half of the year.
However, the Nigerian Upstream Petroleum Regulatory Company (NUPRC), on May 19, 2022, declined to approve Seplat’s proposed acquisition due to “overriding national interest”.

Source: allnews.ng

EntekHub.com

All Author Posts