Saturday, April 20, 2024

 

Buhari Approves Acquisition Of Exxon Mobil Shares By Seplat

Must Read

Abuse Of Naira Notes: EFCC Arraigns Obi Cubana On 3 Counts Charge ……. Defendant pleaded not Guilty, Granted N10m Bail

Obi Cubana The Economic and Financial Crimes Commission, EFCC today arraigned a Lagos based socialite, Pascal Okechukwu popularly known as...

First Lady Launches Renewed Hope Initiative Programme For South West Women

L-R: Ogun State Deputy Governor, Engr. (Mrs.) Noimot Salako Oyedele; Lagos State First Lady, Dr. Ibijoke Sanwo-Olu; wife of...

Police Indictment: Businessman Asks Court To Compel AGF To Prosecute Oba Elegushi, Others Over Wilful Damages

A businessman Prince Toluwaleke Megba and a company, Lucky Megba Ojonla Nigeria Limited has instituted a legal action against...

 

President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Limited.

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.

According to a statement issued on Monday by the Special Adviser to the President on Media and Publicity, Femi Adesina, President Buhari gave ministerial consent to the deal after considering the extensive benefits of the transaction to the Nigerian energy sector and the larger economy.

The President 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.

Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.

Exxon and Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimisation 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.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

Abuse Of Naira Notes: EFCC Arraigns Obi Cubana On 3 Counts Charge ……. Defendant pleaded not Guilty, Granted N10m Bail

Obi Cubana The Economic and Financial Crimes Commission, EFCC today arraigned a Lagos based socialite, Pascal Okechukwu popularly known as...

First Lady Launches Renewed Hope Initiative Programme For South West Women

L-R: Ogun State Deputy Governor, Engr. (Mrs.) Noimot Salako Oyedele; Lagos State First Lady, Dr. Ibijoke Sanwo-Olu; wife of former President Olusegun Obasanjo, Chief...

Police Indictment: Businessman Asks Court To Compel AGF To Prosecute Oba Elegushi, Others Over Wilful Damages

A businessman Prince Toluwaleke Megba and a company, Lucky Megba Ojonla Nigeria Limited has instituted a legal action against the Attorney General of the...

Abiodun Swears-in 20th HoS, Promises Better Civil Service

L-R: Immediate past Head of Service, Mr. Kolawole Peter Fagbohun; Deputy Governor, Engr. (Mrs.) Noimot Salako-Oyedele; Ogun State Governor, Prince Dapo Abiodun and the...

Court Adjourns Hearing Of Alleged 7bn Debt Against Swift Networks To May 10

Justice Daniel Osiagor of the Federal High Court sitting in Lagos has fixed May 10, 2024 for hearing of all pending applications, including possible...
- Advertisement -

More Articles Like This

- Advertisement -