The ExxonMobil logo prominently displayed at a professional event or exhibition.
The Nigerian government has approved ExxonMobil’s $1.28 billion sale of its onshore assets to Seplat Energy, two years after the deal was first announced. The transaction, which was initially agreed in February 2022, faced regulatory delays and opposition from the Nigerian National Petroleum Corporation (NNPC), which exercised its Right of First Refusal. However, NNPC later withdrew its objections, allowing the sale to proceed under the Petroleum Industry Act (PIA). This sale is part of a broader trend of international oil companies, including Shell and TotalEnergies, divesting from Nigeria’s onshore oil and gas sector to focus on offshore operations. For example, Shell reached a similar agreement in January 2024 to sell its onshore oil assets for $1.3 billion, pending regulatory approval.
SOURCE: NAIRAMETRICS