{"id":63544,"date":"2022-08-08T19:08:48","date_gmt":"2022-08-08T18:08:48","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=63544"},"modified":"2022-08-08T19:08:48","modified_gmt":"2022-08-08T18:08:48","slug":"president-buhari-okays-seplat-energy-cash-acquisition-of-mobil-producing-nig-unlimited","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/president-buhari-okays-seplat-energy-cash-acquisition-of-mobil-producing-nig-unlimited\/","title":{"rendered":"President Buhari Okays Seplat Energy Cash Acquisition Of Mobil Producing Nig Unlimited"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-52590 alignleft\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2021\/09\/BUHARI-BASA-EO5-300x169.jpg\" alt=\"\" width=\"300\" height=\"169\" srcset=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/09\/BUHARI-BASA-EO5-300x169.jpg 300w, https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/09\/BUHARI-BASA-EO5-110x62.jpg 110w, https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/09\/BUHARI-BASA-EO5-420x236.jpg 420w, https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2021\/09\/BUHARI-BASA-EO5.jpg 640w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, on Monday announced the receipt of a letter from the Minister of State for Petroleum Resources (\u201cHMSPR\u201d) notifying Seplat Energy that President Muhammadu Buhari has approved that Ministerial Consent be granted to Seplat Energy Offshore Limited\u2019s (a Seplat Energy subsidiary) cash acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (\u201cMPNU\u201d) from its shareholders, Mobil Development Nigeria Inc (\u201cMDNI\u201d) and Mobil Exploration Nigeria Inc (\u201cMENI\u201d), being entities of Exxon Mobil Corporation registered in Delaware, USA (\u201cExxonMobil\u201d).<\/p>\n<p>Seplat Energy had announced in February 2022, to acquire the entire share capital of MPNU for a purchase price of $1.283 billion plus up to $300 million contingent consideration.<\/p>\n<p>The transformational transaction will create one of the largest independent energy companies on both the Nigerian and London Stock Exchanges, and bolster Seplat Energy\u2019s ability to drive increased growth, profitability and overall stakeholder prosperity.<\/p>\n<p>According to statement from Seplat, the approval is given by President Muhammadu Buhari in his capacity as the Honourable Minister of Petroleum Resources (\u201cHMPR\u201d), with the granting of Ministerial Consent pursuant to the powers of the Minister under Paragraphs 14-16 of the First Schedule of the Petroleum Act, 1969. A separate announcement from the State House was released earlier.<\/p>\n<p>In the letter, the President as HMPR directed that the HMSPR shall convey Ministerial Consent to all relevant parties, including but not limited to the Nigerian Upstream Petroleum Regulatory Commission (\u201cNUPRC\u201d), the Nigerian National Petroleum Company Limited (\u201cNNPC\u201d), the ExxonMobil companies, the Federal Competition and Consumer Protection Commission (\u201cFCCPC\u201d), and Seplat Energy\/Seplat Energy Offshore Limited. The President further directed that the HMSPR shall ensure that the ExxonMobil\/Seplat Energy operating entity (being MPNU) carries out operatorship of all the OMLs in the related shallow water assets to optimise production in support of Nigeria\u2019s 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.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>Meanwhile, the Board and Management of Seplat Energy thank His Excellency, President Muhammadu Buhari, for the Ministerial Consent to this landmark acquisition of the entire share capital of MPNU.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Seplat Energy Plc, a leading Nigerian energy company listed on the Nigerian Exchange and the London Stock Exchange, on Monday announced the receipt of a letter from the Minister of State for Petroleum Resources (\u201cHMSPR\u201d) notifying Seplat Energy<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":59697,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[7614],"coauthors":[2391],"class_list":["post-63544","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-mohammadu-buhari"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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