President Muhammadu Buhari in his capacity as Minister of Petroleum Resources has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.
A statement by Femi Adesina, Special Adviser to the President (Media and Publicity) on Monday explained that the approval is in consonance with the country’s drive for Foreign Direct Investment in the energy sector
It recalled that Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.
The statement informed that President Buhari gave Ministerial Consent to the deal considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy.
The President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved, it added.
The statement further explained: “Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetisation of the gas resources in the assets for the Nigerian economy.”
President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.
ALSO READ FROM NIGERIAN TRIBUNE
- ‘39.6 percent of unmarried university students use sexual performance-enhancing drugs’
- Tips on building a happy and healthy relationship
- Safety precautions to observe at the airport
- Safety tips to observe when boarding a ride from a ride-hailing app
- Secure your social media accounts from hackers with these tips
- Things to look out for before starting a business
- Striking a balance between your 9-5 job and your side hustle
- Little or no work experience? Here’s what you can do
- Top 10 Business Ideas In Nigeria You Can Start With 100,000 Naira
Buhari okays acquisition… Buhari okays acquisition…
and then