• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, June 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Seplat On Verge Of Concluding $1.3bn ExxonMobil Asset Purchase

by Chika Izuora
2 years ago
in Business
seplat
Share on WhatsAppShare on FacebookShare on XTelegram

Indigenous oil firm Seplat is now moving towards achieving its expansion goal with more asset acquisition as the federal government appears ready to resolve the impasse that almost denied the firm a deal with ExxonMobil.

Advertisement

Federal government officials in a deliberate move had met with a team from Seplat Energy, to resolve the stalemate arising from the proposed $1.3 billion ExxonMobil’s oil asset sale which has now been held up for close to two years.

Minister of State, Petroleum (Oil), Senator Heineken Lokpobiri, dropped this hint after a meeting in Abuja that broadly discussed ways to resolve the prolonged altercation.

On his verified X/Twitter handle, Lokpobiri stressed that the matter needed to be quickly settled because Nigeria wants to ‘‘aggressively’’ ramp up its crude oil production, which has tanked for more than three years.

However, under the deal unveiled in February 2022, Seplat had agreed to pay the sum for an ExxonMobil unit that holds a 40 per cent operating stake in four shallow-water licences.

RELATED

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

9 hours ago
Top Home Teams with Highest Win Rates: Who To Bet On

Top Home Teams with Highest Win Rates: Who To Bet On

13 hours ago

If the transaction succeeds, it will be one of the biggest divestments in Nigerian history, since energy majors like Shell Plc started offloading unwanted assets in the late 2000s.

Nigeria’s former President Muhammadu Buhari, who doubled as Nigeria’s oil minister, endorsed the sale in August last year, before swiftly rowing back after the country’s energy regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) rejected his approval.

The Nigerian National Petroleum Company (NNPC) Limited  which holds 60 per cent of the permits had objected to the sale and sued ExxonMobil claiming it had the right to acquire the blocks itself from the US major.

The NNPC, insisted that it had the first refusal rights and has since then blocked the deal between Seplat and ExxonMobil, which Seplat also rejected.

 “What we are buying are shares sold by US companies, so that is completely different because we’re buying a company,” Seplat’s Chief Executive, Roger Brown said recently.

The “hidden value” for Seplat in the Exxon deal is the natural gas in the blocks, according to Brown, whose firm is already one of the largest domestic suppliers of the fuel to Nigerian power plants.

However, in June, officials of ExxonMobil visited President Bola Tinubu in Abuja, where the President pledged to ensure competition in the oil and gas industry in the country.

Exxon Nigeria controls four oil mining leases (OMLs 67, 68, 70, 104) and its portfolio includes one of Nigeria’s largest export facilities, the Qua Iboe Terminal.

It also has a 51 per cent interest in Bonny River Terminal and Natural Gas Liquids Recovery Plants at East Area Projects (EAP) and Oso.

Lokpobiri noted that the meeting with the Seplat team was fruitful, describing it as a significant step to ending the stalemate.

“In pursuit of resolving the ExxonMobil and NNPC divestment dispute, as per our mandate to aggressively increase production, I engaged in constructive discussions with Seplat Energy,  led by its Managing Director, Mr. Roger Brown.

“Our deliberations were incredibly fruitful, marking a significant step forward in ending the impasse and paving the way for the nation to reap prosperity from the assets acquisition,” Lokpobiri added.

In a bid to remove all the bottlenecks to Nigeria’s oil output, the Federal Government had during the week withdrawn court cases against Eni and Shell

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Seplat Energy
SendShareTweetShare
Previous Post

Naira Firms On NAFEX, Falls On Parallel Market

Next Post

Tech Expert, Abiodun Atobatele, Launches AYA Foundation

Chika Izuora

Chika Izuora

You May Like

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike
Business

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

2025/06/28
Top Home Teams with Highest Win Rates: Who To Bet On
Special Report

Top Home Teams with Highest Win Rates: Who To Bet On

2025/06/28
Diadem Group CEO Olaitan Gbenga Honoured In Zambia
Business

Diadem Group CEO Olaitan Gbenga Honoured In Zambia

2025/06/28
Nigeria’s Wealthy Evade Taxes Amid Rising Inequality: Oxfam Report
Business

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

2025/06/28
Celebrating President Tinubu’s Remarkable Two Years In Office
Business

Tinubu Confers GCON Honour On Oramah

2025/06/28
Investors Gain N1.43trn From Stocks In 1 Week
Business

Investors Gain N1.43trn From Stocks In 1 Week

2025/06/28
Leadership Conference advertisement

LATEST

Bureaucratic Bottlenecks Delay Billionaire Dantata’s Burial In Saudi Arabia

Aikoriogie Hails Wike Over Reconciliation With Fubara, FCT Transformation

Kwara United Win 2025 President Federation Cup

PICTORIAL: 300 Journalists Benefit From Abuja NUJ, Nizamiye Hospital Medical Outreach

Nollywood Filmmaker, Kayode Peters, Dies In Canada

PICTORIAL: Mammoth Crowd Attends Ga’ib Funeral Prayer For Late Dantata In Kano

Meet Nigerian Fintech Expert, Business Dev’t Consultant Ken Nwokike

Fake News Threatens Military Morale — NYSDI

Akwa Ibom APC Chairman Killed In Brawl With PDP Supporters Over Largesse

Niger Killings: NEF Demands State Of Emergency In Northern Nigeria

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.