Energy

May 30, 2024

NNPCL, ExxonMobil seal settlement agreement on $1.28bn asset divestment deal

Crude oil theft: Illegal connections hit 4,800— Mele Kyari 

Group Managing Director, NNPC, Mele Kyari

By Udeme Akpan, Energy Editor

NNPC Limited and ExxonMobil have signed the settlement agreement on the proposed $1.28 billion asset divestment of Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.

In a statement obtained by Vanguard, NNPC Limited, stated: “Settlement agreement between NNPC Ltd. and Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100% interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.”

The signing of the deal followed President Tinubu’s recent directive requesting the Ministry of State for Petroleum Resources (Oil) and the Nigerian National Petroleum Company (NNPC) Limited to prioritise the deal and unlock many benefits for Nigeria and other stakeholders.