Nigeria Set to Sign Off on Exxon Asset Sale Within 120 Days
Nigerian regulators said they expect to formally consent to Exxon Mobil Corp.’s sale of its oil and gas assets to Seplat Energy Plc within four months, ending a hiatus that has stalled the conclusion of a transaction that was first announced in February 2022.
The approval process should be completed within the 120-day legal timeframe, the Upstream Petroleum Regulatory Commission said in a statement on Monday.
Nigeria’s state oil company in May said it reached an agreement that would allow Exxon to proceed with the asset disposal. Seplat, a local energy supplier, agreed to acquire them for $1.3 billion, a deal that could almost quadruple its oil output to more than 130,000 barrels a day.
Former President Muhammadu Buhari backed the transaction, but approval was later reversed amid objections from the regulator.
