By Nneka Nwogwugwu
President Muhammadu Buhari has approved the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.
The approval was made known by the President’s Media Adviser, Femi Adesina, in a Press release on Monday.
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.
Buhari, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved.
The president directed Exxon Mobil/Seplat to carry out operatorship of all the oil mining licences in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term, as well as ensure accelerated development and monetization of the gas resources in the assets for the Nigerian economy.
He also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.