FG moves to conclude sale of $1.3bn ExxonMobil assets to Seplat Energy

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The  Federal Government has intensified efforts toward concluding the sale of $1.3 billion ExxonMobil oil assets to Seplat Energy Plc as strategy to increasing investment and Nigeria’s production capacity.

Nigeria’s output dropped by 6.8 per cent to 1.23 million barrels per day, bpd, in March 2024, from 1.32 bpd in February 2024, thus paving the way for Libya to emerge as the highest crude oil producer in Africa.

But Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said   President Bola Tinubu has already directed him to ensure all issues hindering investment and production with all stakeholders, including Seplat Energy Plc are resolved immediately.

Speaking on, “Funding Our Way of the Current Crisis: Looking up to the Oil and Gas industry”,     at the Second Quarter 2024 Dinner, organised by the Petroleum Club in Lagos, yesterday, the Minister of State for Petroleum Resources, said: “The President has directed that we resolve all issues hindering investment in the industry. There are many oil well that have been idle for years. I have been engaging stakeholders, including the International Oil Companies, IoCs and indigenous oil companies on how to keep the idle oil wells open.

“ExxonMobil assets have been idle for a while and we have to resolve problems currently delaying Seplat Energy from taking them up because a lot of impact would be made. The exploitation of the assets would go a long way in increasing Nigeria’s production capacity as well as in creating additional jobs for our people.

“It will speak volumes to the international community that Nigeria is an investment destination in Africa. It will also show that we have respect for the Ease of Business. So, as a government we have decided to resolve the issues to ensure Seplat Energy acquire the assets.”


Senator Lokpobiri also said: “All investors need to demonstrate capacity in terms technology and funds. There are areas for the boys and there are also areas for the men. We are currently looking for men, not in terms of age but capacity to participate. Investors that have what it takes should participate. But the way forward is to form consortia in order to mobilise adequate resources for investment.”

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