ExxonMobil has said that it is awaiting the Nigerian National Petroleum Company Limited to lift the ban preventing the sale of its assets to Seplat Energy.
This was disclosed by the company’s Regional Communications Manager – Africa, Oge Udeagha, according to The Punch.
The NNPCL announced on Thursday that it has inked a settlement agreement with ExxonMobil operating in Nigeria, regarding the planned sale of a 100% stake in Mobil Producing Nigeria Unlimited to Seplat Energy.
NNPCL said, “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 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.”
Nigeria’s oil production is estimated to increase by 480,000 barrels if the disputes surrounding the asset’s sale to Seplat are resolved.
The Minister of States for Petroleum, Heineken Lokpobiri recently stated that Nigeria had lost almost $30 billion over the previous 2.5 years due to the botched divestment
Lokpobiri raised concerns that Nigeria was losing about 480,000 barrels of crude oil per day due to the Seplat/ExxonMobil crisis.
It was reported that NNPC blocked ExxonMobil’s asset sale to Seplat On July 12, 2022.
The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.
Seplat had committed to buying the US oil major’s business for a minimum of $1.28 billion in February.
NNPC had sued Mobil Producing Nigeria Unlimited on July 5, 2022, asking the Federal High Court either to order that a dispute had occurred between the parties over preemption rights or to order them to take the matter to arbitration.
Seplat, which was not a party to the lawsuit, had said its deal with Exxon was “still valid” and the company “remains confident that the matter will be brought to a proper conclusion by the law.”
However, Udeagha said that the deal was for NNPCL to lift the ban so that the sale of the asset to Seplat could be concluded.
“We have reached an agreement with NNPCL to lift the injunction that prevented the sale of Mobil Producing Nigeria Unlimited shares to Seplat.”
