RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Energy

NUPRC Overrules Buhari on Exxon Deal, Says Status Quo Remains

Rate Captain by Rate Captain
August 9, 2022
in Energy
Reading Time: 2 mins read
A A
0
NUPRC Overrules Buhari on Exxon Deal, Says Status Quo Remains
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has overruled President Muhammadu Buhari’s approval of the acquisition of Exxon Mobil’s $1.28 billion asset by Seplat Energy Offshore Ltd, affirming that the status quo remains the same concerning ExxonMobil/Seplat Energy share acquisition.

Mr. Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC disclosed this in a statement on Monday, emphasizing that the matter was regulatory. He stated that the commission, in line with the provisions of the Petroleum Industry Act 2021, is the sole regulator in dealing with such matters in the Nigerian upstream sector.

AlsoRead

Afreximbank Reveals It is Largest Financer of Dangote Refinery.

China and OPEC Maintain High-Level Energy Dialogue, Promoting Oil Market Stability.

NNPC Commits Billions to Boost Nigeria’s Domestic Gas Utilization and Expand Export Market.

President Buhari had initially approved a deal that will enable Seplat Energy to purchase Exxon Mobil shares. This is according to a statement in a tweet by the presidency stating that Buhari had authorized the transaction in his capacity as the Minister of Petroleum.

“In his capacity as Minister of Petroleum Resources, and consonance with the country’s drive for foreign direct investment in the energy sector, President @MBuhari has consented to the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited,” the statement stated.

According to a statement by Femi Adesina, Special Adviser to the President on Media and Publicity, the consent is also in consonance with the country’s drive for Foreign Direct Investment (FDI) in the energy sector.

The countervailing decision by NUPRC which came a few hours after presidential spokesperson Femi Adesina said in a statement that Mr. Buhari had approved the sale to Seplat, an indigenous oil company, has however raised concerns about the matter. This high-profile disagreement may discourage investment in the country’s struggling oil and gas industry.

What You Should Know

Earlier this year, Seplat Energy previously entered into a Sale Agreement with Exxon Mobil to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc.

NNPC contended that it had the right to be allowed to buy assets sold by any firm. In this case, NNPC has an interest in ExxonMobil’s assets and wants to be placed ahead of any competitor or private firm.

The transaction has since suffered a setback after the state-owned Nigerian National Petroleum Corporation Limited asserted a right of first refusal on the deal.

 

Previous Post

Naira Declines to N431/$1 at the I&E Window Despite 61% Surge in Forex Supply

Next Post

Nigeria’s Gross Foreign Reserve Records the Fourth Decline this Month, Stands at $38.95 Billion

Related News

Afreximbank Reveals It is Largest Financer of Dangote Refinery.

Afreximbank Reveals It is Largest Financer of Dangote Refinery.

by Rate Captain
May 22, 2023
0

The President of Afrexim Bank, Benedict Oramah disclosed that the bank played a pivotal role as the largest financer of...

China and OPEC Maintain High-Level Energy Dialogue, Promoting Oil Market Stability.

China and OPEC Maintain High-Level Energy Dialogue, Promoting Oil Market Stability.

by Rate Captain
May 19, 2023
0

Mr. Zhang Jianhua, Administrator of the National Energy Administration of the People's Republic of China, has commended the significant energy...

NNPC Commits Billions to Boost Nigeria’s Domestic Gas Utilization and Expand Export Market.

NNPC Commits Billions to Boost Nigeria’s Domestic Gas Utilization and Expand Export Market.

by Rate Captain
April 18, 2023
0

The Nigerian National Petroleum Company Ltd. (NNPC Ltd) is ramping up its investments in the Ajaokuta-Abuja-Kano (AKK) gas pipeline and...

OPEC predicts a surge of up to 23% in global energy demand.

OPEC predicts a surge of up to 23% in global energy demand.

by Rate Captain
April 18, 2023
0

According to the Organisation of Petroleum Exporting Countries (OPEC), global primary energy demand is expected to increase by 23% by...

Next Post
Nigeria’s Gross Foreign Reserve Records the Fourth Decline this Month, Stands at $38.95 Billion

Nigeria’s Gross Foreign Reserve Records the Fourth Decline this Month, Stands at $38.95 Billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

June 2, 2023
Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

June 2, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Ride-hailing Drivers in Nigeria Demand a Price Increase of 200%.

    0 shares
    Share 0 Tweet 0
  • Telcos issue banks disconnection notice over USSD debt

    0 shares
    Share 0 Tweet 0
  • US Nation’s Employers Add 339,000 Jobs in May, Defying Market Expectations.

    0 shares
    Share 0 Tweet 0
  • Telecom Operators Blame Communications Minister for Telecom Debt Crisis

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>