Seplat Says Upbeat On Mobil Nigeria Acquisition, Despite Govt Stance

Seplat Energy Plc, on Thursday acknowledged a newspaper report that the Federal Government has rejected its bid to acquire the entire share capital of Mobil Producing Nigeria Unlimited from the parent company- ExxonMobil.

In a statement on the Nigerian Exchange Limited portal, Seplat confirmed receipt of a letter from the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and from ExxonMobil confirming government’s decision to withhold consent.

Seplat, however, expressed confidence that the deal can still pull through, arguing that “under the terms of the Sale and Purchase Agreement announced on 25 February 2022, which remains valid and subsisting, the company will further its engagement with all relevant stakeholders.

“Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU’s entire share capital is being followed and will be achieved.