Nigerian Govt gives update on NAOC-Oando, ExxonMobil-SEPLAT deals

The Federal Government said the oil assets sales deal between Nigerian Agip Oil Company, NAOC, and Oando, Equinor Nigeria Energy Company and Project Odinmim divestments have been completed.

Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, disclosed this at the ongoing NOG Energy Week in Abuja.

Komolafe noted that the Shell Petroleum Development Company and Renaissance sales deal is undergoing due diligence.

According to him, on the ExxonMobil-SEPLAT deal, the government has received expression of interest on a commitment to apply for ministerial consent.

“For some of you who were at the panel session on Monday, the Chairman of IPPG (Independent Petroleum Producers Group) raised issues about the need for us to give updates on the divestment programs.

“Now, I am here to give you a real-time update on the four major divestments in Nigeria.

“The NAOC-Oando divestment has been concluded. The signing ceremony will come up any moment.

“The EQIONOR – PROJECT ODINMIM project divestment was also completed. For the SPDC – RENAISSANCE deals, documents have been submitted. Those documents are undergoing due diligence as we speak.

“On the MPN – SEPLAT expression of interest on a commitment to apply for ministerial consent, we are yet to receive any as we speak.”

The development comes after SEPLAT in February 2022 announced an agreement to acquire 40 per cent of ExxonMobil’s assets for $1.3 billion.

However, the Nigerian National Petroleum Company Limited stalled the sales deal after it filed a case at the High Court of the Federal Capital Territory, Abuja, to stop ExxonMobil from going any further with the transaction.

The NNPCL recently withdrew its case against the sales deal between SEPLAT and ExxonMobil after President Bola Tinubu directed Heineken Lokpobiri, Minister of State, Petroleum (Oil), to resolve the divestment issues.