Nigeria Approves ExxonMobil's Sale to Seplat Energy

Nigeria has approved Exxon Mobil's sale of its onshore oil and gas assets to Seplat Energy for $1.28 billion, ending a two-year delay. This deal allows Seplat to acquire a 40% stake in four oil mining leases, the Qua Iboe export terminal, and 51% of the Bonny River natural gas liquids recovery plant, significantly increasing its production capacity. ExxonMobil plans to focus on expanding its offshore operations in Nigeria, with a $10 billion investment in offshore assets. Meanwhile, Shell's $2.4 billion sale of its onshore operations to a local consortium was rejected by Nigerian regulators, posing a setback to its strategy of focusing on deepwater investments. These decisions reflect a broader trend of multinational oil companies moving away from onshore activities in Nigeria due to challenges such as theft and sabotage. The Nigerian government is pushing for quicker approvals of pending transactions to revitalize the country's oil sector.