Nigeria approves Exxon asset sale to Seplat after more than two years

Nigeria’s government has approved the sale of Exxon Mobil’s (NYSE:XOM) onshore assets to Seplat Energy, Reuters reported Monday, citing the head of the country’s upstream regulator, more than two years after the $1.28B deal was first agreed.

The sale has been under scrutiny as it awaited regulatory approval since it was first announced in February 2022.

Under the deal terms, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of Bonny River natural gas liquids recovery plant previously owned by Exxon’s (XOM) local unit.

Oil majors operating in Nigeria – Africa’s largest oil exporter – have been exiting onshore operations hurt by theft and sabotage, choosing to focus future investments on newer and more lucrative deep offshore fields.