In a $1.28 billion deal announced in February, Nigerian President Muhammadu Buhari has approved Seplat Energy’s acquisition of Exxon Mobil’s Nigerian unit.
The transaction received ministerial approval from Buhari, who also serves as oil minister, the presidency announced on Monday.
Exxon and Seplat are anticipated to manage the unit’s oil licenses, helping Nigeria quickly satisfy its OPEC production quota and hastening the development of the region’s gas potential.
In February, Seplat announced that its offshore unit had reached an agreement to purchase the entire share capital of Exxon’s Nigerian offshore shallow water business for $1.28 billion, plus additional consideration of up to $300 million based on the price of oil and the unit’s average production over a five-year period.
The Nigerian and London stock markets both list Seplat.
