Skip to main content

NNPC blocks Exxon Mobil’s asset sale to Seplat

Image
By Victoryking nc

 Exxon Mobil's asset sale to Seplat is prohibited by NNPC.

NNPC GMD, Mele Kyari



The sale of Exxon Mobil Corporation's Nigerian assets to Seplat Energy Plc has been temporarily halted by a court ruling secured by THE Nigerian National Petroleum Company Limited.

According to Blomberg on Monday, a judge in Abuja gave NNPC a "order of temporary injunction" on July 6, 2022, prohibiting Exxon "from completing any divestiture" in a unit that ultimately has four licenses in Nigeria.

Seplat, a producer with headquarters in Lagos, has committed to purchasing the subsidiary of the American oil firm for at least $1.28 billion in February.
According to the allegation, NNPC wanted to stop the deal and seize control of the permits.

According to Bloomberg, Mobil Producing Nigeria Unlimited was sued by NNPC on July 5, 2022. According to a statement from Seplat, NNPC asked the Federal High Court to either declare that the parties had a preemption rights dispute or to order them to submit it to arbitration.

Without being a party to the lawsuit, Seplat said that its agreement with Exxon was "still legal" and that it "remains convinced that the matter will be brought to a proper end in accordance with the law."

Bloomberg said that an Exxon spokesperson declined to comment, while a NNPC spokesperson did not return calls or texts.
With the deal, Seplat would be able to increase its daily production of shallow-water assets from Exxon's joint venture with NNPC by around 95,000 barrels of oil equivalent.

International oil corporations with operations in Nigeria have been selling significant portions of their portfolio to local players for more than ten years, a trend that has recently picked up speed.

Shell Plc was also compelled to halt its intentions to sell all of its remaining onshore permits in Nigeria by an injunction from a Nigerian court.


Labels:

Comments

Post a Comment

Popular posts from this blog

Name tag

By Victoryking nc
 
Post a Comment
Read more

Elections in 2023: Christians should avoid the "Siddon appearance," says the Catholic Church

By Victoryking nc
 Elections in 2023: Christians should avoid the "Siddon appearance," says the Catholic Church Adewale Martins, the Catholic Archbishop of the Metropolitan See of Lagos, has urged Christians to actively engage in the general elections of 2023 and to avoid the "siddon look." At the commissioning of a parish project and the administration of the sacrament of confirmation to over 800 candidates at SS Joachim & Anne Catholic Church, Meiran, in Lagos, Mr. Martins offered his counsel. He advised Christians to abandon the "Siddon appearance" and vote in accordance with their consciences. Christians should also pray for peace in Nigeria, Mr. Martins emphasized. "We must never give up because God will provide for His people and bring peace back to our nation. The Catholic leader in Lagos advised praying the rosary as a weapon of battle against wickedness and not giving up since God's truth will endure.  Mr. Martins continued. God is requesting that we d...
Post a Comment
Read more

Governor Bala Mohmmed Prays For Peace In Nigeria

By Victoryking nc
 Governor Bala Mohmmed of Bauchi State Prays For Peace In Nigeria Bauchi State Governor Bala Muhammed As the nation continues to celebrate this Friday, which coincides with Arfa Day, full of grace and blessings of the Almighty, Governor Bala Muhammad congratulates the people of Bauchi State on the passing of this day. Senator Bala Abdulkadir took the opportunity to call on the Muslim community to pray for peace, economic development and a prosperous rainy season. God has answered our prayers and accepted the prayers of our pilgrims and brought them home safely.
Post a Comment
Read more