Seplat Energy Plc has confirmed the approval of its purchase of Exxon Mobil’s onshore assets valued at $1.28bn by the Federal Government.

Confirming this report, Seplat Energy in a statement on Tuesday, said it was excited about the deal.

It said; “Seplat Energy is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (‘MPNU’) (“the Transaction”).

“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.

Further announcements will be made as and when appropriate, in line with regulatory requirements.”

The approval comes more than two years after the deal was announced in February 2022, signalling a prolonged regulatory delay.

President Bola Tinubu had indicated on October 1 that the final approval would be granted within days, following clearance from the regulatory body.

Seplat Energy will acquire a 40 per cent stake in four oil mining leases as a result of the approval.

The company will also get key infrastructure, including the Qua Iboe export terminal and a 51 per cent stake in the Bonny River natural gas liquids recovery plant, both previously owned by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.