President Muhammadu Buhari has approved Seplat Energy Offshore Limited’s acquisition of Exxon Mobil shares in the United States of America.
The President’s approval was contained in a statement issued to newsmen by presidential aide Femi Adesina on Monday.
The statement said this is in his capacity as the Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector.
Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.
According to Adesina, President Buhari considered the extensive benefits of the transaction to the country’s energy sector and the economy in giving consent.
He has equally mandated that environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.