By Emmanuel Nduka
After two years, the Nigerian National Petroleum Company (NNPC) Limited has announced the signing of a settlement agreement facilitating the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.
A statement released on Thursday by NNPC said the agreement involves MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.
“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 NNPC stated.
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Heritage Times HT recalls that two years ago, Seplat announced that it had bought the entire offshore shallow water business of ExxonMobil in Nigeria at a cost of $1.2 billion.
Nigeria’s President, Bola Tinubu had directed the Ministry of State for Petroleum Resources (Oil) and NNPC to resolve the divestment issue that had stalled the Seplat and ExxonMobil deal.
