Indications emerged on Monday that the Petroleum Sector is rocked by confusion over an announced acquisition of the shares of Exxon Mobil by Seplat Energy Offshore.
While the President as the Minister of Petroleum announced his approval of the acquisition of the shares by SEPLAT Energy Offshore, the Nigerian Upstream Petroleum Regulatory Commission gave a different indication.
The NUPRC declared in a statement on Monday that the should maintain status quo.
The Chief Executive of the NUPRC, Gbenga Komolafe, said that the issue of the acquisition of the assets was a regulatory matter.
He said that the regulatory commission had earlier conveyed the decision to decline ministerial approval on the matter.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.
“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.”
The President who s the Minister who Petroleum Resources, on Monday consented to the sale of the Exxon Mobil shares in the United States of America to Seplat Energy Offshore Limited.
The reason given for the sale was that it was done in line with the country’s drive for Foreign Direct Investment in the energy sector.
Special Adviser to the President on Media and Publicity, Femi Adesina, had said the President consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited in consonance with his capacity as Minister of Petroleum Resources.
“In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President Muhammadu Buhari has consented to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited
“Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA