The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Thursday announced the signing of a settlement agreement facilitating the divestment of ExxonMobil’s stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc.
This comes two years after the divestment plan was announced. The NNPC Ltd., in a statement, said the agreement involved MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.
“Settlement agreement between NNPC Ltd. and MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100 percent interest in MPNU to Seplat Energy Offshore Limited,” the NNPC stated.
This development follows a directive from President Bola Tinubu to the Ministry of State for Petroleum Resources (Oil) and NNPC Ltd. on May 28, to resolve the divestment issue that stalled the Seplat and ExxonMobil deal over two years.
Tinubu assured the…
Source: Guardian Newspaper
