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NNPC Limited, ExxonMobil Signs Settlement Agreement Over $1.28 billion Asset Divestment Deal

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NNPC Limited has signed the settlement agreement with ExxonMobil regarding the proposed $1.28 billion asset divestment deal of its 100% interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited, Nigeria’s foremost indigenous energy company.


This is contained in a statement obtained by by NNPC Limited, stating that “Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100% interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.”


The signing of the agreement would now allow the deal to proceed to the final stage of conclusion.


Notably, this move is coming from President Tinubu’s directive to the Ministry of State for Petroleum Resources (Oil) and the Nigerian National Petroleum Company (NNPC) Limited to resolve the delayed $1.28 billion Seplat Energy and ExxonMobil deal.


On 28th May 2024, President Tinubu hosted a delegation of ExxonMobil executives led by Mr. Liam Mallon, President, of ExxonMobil Upstream Company, in Aso Rock, Abuja, while assuring them that the ExxonMobil-Seplat asset divestment deal would be concluded as soon as possible.


Generally, this development stands as a major win for Seplat, which has been eager to expand its portfolio and solidify its position as a dominant player in Nigeria’s oil industry.


The conclusion of the deal would also mark a significant divestment strategy for ExxonMobil’s operations in Nigeria.


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