ExxonMobil and Seplat Energy Offshore Limited executives have visited the Nigerian Upstraem Petroleum Regulatory Commission (NUPRC) amidst divestment talks.
The visit was announced by the NUPRC in a statement on Thursday shared on X.
NUPRC said, “The MD of ExxonMobil, Shane Harris, and the CEO of Seplat Energy, Roger Brown, paid a courtesy visit to the Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe.”
The visit is coming following an update on the status of divestments that have received ministerial consent and the divestment by Mobil Producing Nigeria Unlimited (MPNU) which has been subject to a lot of public attention.
NUPRC disclosed that the divestment by MPNU to Seplat is currently undergoing the same consent approval process and is expected to be completed within the 120-day timeline provided by the Petroleum Industry Act (PIA).
Recall that MPNU, through a letter dated February 24, 2022, notified the Commission of its intention to assign 100 per cent of its issued shares to Seplat Offshore Energy Limited.
But, the commission did not consent to this assignment because MPNU failed to obtain a waiver of pre-emption rights as well as the consent of NNPC, its partner on the blocks to the divestment.
“In June 2024, NNPC and MPNU resolved their dispute with NNPC, and MPNU, by letter dated 26 June 2024 informed the Commission of the resolution of the dispute. Upon resolution of this dispute, the Commission communicated its no-objection decision to the assignment via a letter dated July 4, 2024 and requested MPNU to provide information and documentation required under the Commission’s due diligence checklist to enable the Commission conduct its due diligence as required under the PIA.
“MPNU by letter dated 18 July 2024 provided the information requested by the Commission,” NUPRC said.
The NUPRC disclosed that MPNU’s application to the commission for consent is currently undergoing due diligence review, under the same Divestment Framework applied to the NAOC-Oando and Equinor-Chappal divestment.