Nigeria Set to Approve Exxon Sale of Oil, Gas Assets to Seplat

Nigeria is set to approve Exxon Mobil’s sale of its oil and gas assets to Seplat Energy, according to President Bola Tinubu. The deal, expected to receive ministerial approval soon, aims to boost oil production and benefit Nigeria's economy.

Exxon’s assets could nearly quadruple Seplat’s oil output to over 130,000 barrels per day. This approval will conclude a $1.3 billion transaction stalled for over two years.

Tinubu emphasized the government’s commitment to free enterprise and reforms, which have attracted over $30 billion in foreign investment but triggered a cost-of-living crisis and protests.

Read full article