By Ed Malik, A | ed@ddnewsonline.com | posted Ocotober 22, 2024
President Bola Tinubu has approved Seplat Energy Plc’s acquisition of Exxon Mobil Corp.’s assets in Nigeria, which represents a significant move toward increasing local ownership in the country’s oil and gas sector.
The $1.3 billion deal, which had been delayed for two years, was officially confirmed by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during an event in Abuja.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
This is part of Tinubu’s broader effort to streamline the sector, with the acquisition being one of four approvals granted by the President.
Under this agreement, Seplat Energy will acquire a 40% interest in four oil mining leases and associated infrastructure, including the important Qua Iboe export terminal.
Additionally, Seplat will take over a 51% stake in the Bonny River natural gas liquids recovery plant, previously operated by Exxon’s subsidiary, Mobil Producing Nigeria Unlimited.
This transaction marks a paradigm shift in Nigeria’s oil and gas industry, traditionally dominated by foreign multinationals. The successful acquisition by Seplat highlights the Nigerian government’s commitment to fostering local companies and building a more self-reliant energy sector, aligning with President Tinubu’s economic agenda of empowering Nigerian firms and ensuring sustainability in the industry.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
“This deal is a positive step toward increasing indigenous participation in the oil and gas sector, which will not only boost the local economy but also provide more jobs and strengthen Nigeria’s position in the global energy market,” said Komolafe.
For decades, Nigeria has relied heavily on foreign oil giants for exploration and production. However, there has been a steady drive to build a strong local industry that can compete on a global scale. The government’s approval of Seplat’s acquisition is seen as a strategic move to reduce dependence on foreign multinationals and leverage the expertise and capacity of Nigerian firms.
Subscribe To The Best Team In Conservative, Business, Technology, Lifestyle And Digital News Realtime! support@ddnewsonline.com
As the oil and gas sector continues to evolve, this deal sets a precedent for similar acquisitions and collaborations between local companies and international stakeholders. The hope is that, by placing key assets in the hands of competent national companies like Seplat Energy, Nigeria can better navigate the challenges of the global energy transition while maximizing its natural resources.
This development may encourage other local firms to explore opportunities in the sector, leading to a more diversified and competitive market.
Keep up the fantastic work! Kalorifer Sobası odun, kömür, pelet gibi yakıtlarla çalışan ve ısıtma işlevi gören bir soba türüdür. Kalorifer Sobası içindeki yakıtın yanmasıyla oluşan ısıyı doğrudan çevresine yayar ve aynı zamanda suyun ısınmasını sağlar.