In accordance with the nation's push for Foreign Direct Investment (FDI) in the energy sector, the president has approved Seplat Energy Offshore Limited's purchase of Exxon Mobil shares in the United States of America, according to a release issued by his media adviser, Femi Adesina, acting in his capacity as Minister of Petroleum Resources.
Exxon Mobil Corporation, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc., both of which are registered in Delaware, the United States, had entered into a historic Sale and Purchase Agreement with Seplat Energy in order to acquire the entire share capital of Mobil Producing Nigeria Unlimited.
Based on the enormous benefits of the transaction to the Nigerian energy industry and the overall economy, President Buhari gave the agreement his cabinet approval.
In order to encourage investment in light of the Petroleum Industry Act, the president approved the Share Sales Agreement as requested by the parties to the transaction and instructed that word of his approval be passed on to each of them.
In order to support Nigeria's short-term OPEC quota, Exxon Mobil/Seplat are required to operate all oil mining licences in the associated shallow sea assets.
They will also assure expedited development and monetization of the assets' gas potential for the Nigerian economy.
Additionally, President Buhari ordered Exxon Mobil and Seplat to appropriately minimise all environmental and abandonment liabilities.
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