• About Us
  • Contact Us
  • Privacy & Policy
Sunday, June 8, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

NNPCL and ExxonMobil finalize a $1.28 billion asset sale agreement

Vincent Amadi by Vincent Amadi
August 23, 2024
in Economy, News
Reading Time: 2 mins read
A A
0
NNPCL and ExxonMobil finalize a $1.28 billion asset sale agreement
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram


By: Amadi Vincent Uzoma


The Nigerian National Petroleum Company Limited on Thursday announced the signing of a settlement agreement facilitating the sale of ExxonMobil’s shares in Mobil Production Nigeria Unlimited (MPNU) to Seplat Energy Plc. This comes two years after the divestment plan was announced.
NNPC, in a statement, said the agreement involved MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. “Settlement between NNPC Ltd.


and MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed transfer of 100% of MPNU’s shares to Seplat Energy Offshore Limited,” NNPC said. This development comes after President Bola Tinubu on May 28 ordered the State Department of Petroleum Resources (Petroleum) and NNPC Ltd. to resolve the divestment issue that has plagued the Seplat and ExxonMobil deal for more than two years.
Mr. Tinubu assured the ExxonMobil delegation that the Federal Government is committed to resolving the disinvestment issues between NNPCL and Seplat Energy.
Minister of State for Petroleum Resources (Petroleum), Heineken Lokpobiri, said the President had clearly asked him and NNPC Managing Director Mele Kyari to resolve the issue of disinvestment and they had tried their best to achieve it.


Mr. Lokpobiri had earlier revealed that Nigeria had lost $34 billion in the past two and a half years due to a decline in the production of assets that ExxonMobil is selling to Seplat Energy. He said assets had fallen from 600,000 barrels per day (bpd) to the current 120,000 bpd, leaving a deficit of 480,000 bpd. This equates to a loss of $34 billion at a conservative price of $80/barrel over the past two and a half years.
In February 2022, Seplat announced an agreement to acquire ExxonMobil’s 40% stake in MPNU, with the transaction expected to be completed in the second half of the year. In a move that sparked controversy in the industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) rejected the proposed acquisition of Seplat on May 19, 2022, citing “overriding national interests” as its rationale for preventing the deal from going through.
Two months later, Seplat reported that NNPC Ltd. had obtained a court order preventing ExxonMobil from selling its assets in Nigeria.


This opposition prompted the then President, Muhammadu Buhari, to rescind his initial authorization for the acquisition on August 10, 2022, immediately after approval. Amid delays in obtaining approval, Seplat extended the Share Purchase Agreement (SSPA) with ExxonMobil to acquire shares of MPNU on May 17, 2023 Seplat reported progress in acquiring MPNU’s assets and a week later the company renewed the SSPA.
With the recent signing of the settlement agreement, Nigeria could add at least 700,000 b/d to its current daily crude oil production volumes, reaching about two million b/d before the end of the year.

Tags: businessExxon mobil
Vincent Amadi

Vincent Amadi

Related Posts

Famous “Gwo Gwo Gwo ngwo” singer, Mike Ejeagha, dies at 95
Entertainment

Famous “Gwo Gwo Gwo ngwo” singer, Mike Ejeagha, dies at 95

16 hours ago
Pastor Paul Adefarasin points gun at content creator from Range Rover
National

Pastor Paul Adefarasin points gun at content creator from Range Rover

16 hours ago
Dangote refinery is Tinubu’s brainchild – Aliko
Economy

Dangote refinery is Tinubu’s brainchild – Aliko

2 days ago
FG will revive cocoa industry – Shettima
Economy

FG will revive cocoa industry – Shettima

5 days ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Traditional Superiority: Alaafin Denies Rift With Ooni Of Ife, During Visit To Oluwo
National

Traditional Superiority: Alaafin Denies Rift With Ooni Of Ife, During Visit To Oluwo

12 hours ago
Security forces and suspected criminals engage in seven-hour gun battle in Anambra
National

Security forces and suspected criminals engage in seven-hour gun battle in Anambra

16 hours ago
VeryDarkMan: Obi warns security agents over high handedness
National

Peter Obi to youths: Avoid get-rich-quick syndrome, embrace entrepreneurship

16 hours ago
Pastor Paul Adefarasin points gun at content creator from Range Rover
National

Pastor Paul Adefarasin points gun at content creator from Range Rover

16 hours ago
Breaking News: Akwa Ibom’s Umo Eno joins APC, dumps PDP.
National

Breaking News: Akwa Ibom’s Umo Eno joins APC, dumps PDP.

2 days ago
Sallah: Former Gov Yahaya Bello felicitates Muslims, urges peaceful coexistence
National

Sallah: Former Gov Yahaya Bello felicitates Muslims, urges peaceful coexistence

2 days ago

POLITICS

Akwa Ibom: Assembly Members, Others Rejects Eno’s Defection Order

Akwa Ibom: Assembly Members, Others Rejects Eno’s Defection Order

12 hours ago
Breaking News: Akwa Ibom’s Umo Eno joins APC, dumps PDP.

Breaking News: Akwa Ibom’s Umo Eno joins APC, dumps PDP.

2 days ago
Don’t aspire to be President if you cannot resolve crisis in your “small party” – Akpabio challenges Peter Obi

`Please return home to our party,ʼ PDP begs Peter Obi

2 days ago
Group Fires Back At Wike Over Betrayal Allegations Against Makinde, Mbah.

Wike debunks existence of “Cabal” in Tinubu’s government

2 days ago
More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

More defections: Rep dumps PDP for APC, urges support for Gov Otu, Tinubu

1 week ago
PDP Crisis: BoT urges forgiveness, dialogue and unity

PDP Crisis: BoT urges forgiveness, dialogue and unity

2 weeks ago

YOUR ECONOMY

Dangote refinery is Tinubu’s brainchild – Aliko
Economy

Dangote refinery is Tinubu’s brainchild – Aliko

2 days ago
FG will revive cocoa industry – Shettima
Economy

FG will revive cocoa industry – Shettima

5 days ago
Nigerian companys take priority over foreign businesses with “Nigeria First Policy” 
Economy

Tinubu seeks $25 billion Nigeria-Morocco gas pipeline investment

5 days ago
Development bank disbursed N1 trillion to MSMEs – MD
Economy

Development bank disbursed N1 trillion to MSMEs – MD

7 days ago
Becoming AfDB president greatest honour of my life – Adesina
Economy

Becoming AfDB president greatest honour of my life – Adesina

2 weeks ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide

2 weeks ago

E & P

Ballon d’Or: Ronaldo tips Dembele, Says Champions League Winner Should Be Crowned.
Sports

Ballon d’Or: Ronaldo tips Dembele, Says Champions League Winner Should Be Crowned.

by Emmanuel Ademola
12 hours ago
0

Five-time Ballon d'Or winner. Cristiano Ronaldo argued on Saturday that the individual prize should go to the Champions League winner....

Famous “Gwo Gwo Gwo ngwo” singer, Mike Ejeagha, dies at 95

Famous “Gwo Gwo Gwo ngwo” singer, Mike Ejeagha, dies at 95

16 hours ago
Breaking: Al Hilal submits €70m proposal to Napoli for Osimhen

Breaking: Al Hilal submits €70m proposal to Napoli for Osimhen

16 hours ago
God Has Chosen Davido to be  President of Nigeria – South Africa Based Nigerian Pastor John Anosike Prophesies

God Has Chosen Davido to be  President of Nigeria – South Africa Based Nigerian Pastor John Anosike Prophesies

2 days ago
Yamal wins ‘Man of the Match’ against Mbappe, Dembélé and Doue

Yamal wins ‘Man of the Match’ against Mbappe, Dembélé and Doue

2 days ago
Cole Palmer to wear Chelsea’s number 10 next season

Cole Palmer to wear Chelsea’s number 10 next season

3 days ago

YOUR THOUGHT & HISTORY

ON THE PUBLIC NUISANCE CALLED SOWORE
Opinion

ON THE PUBLIC NUISANCE CALLED SOWORE

by Kiikpoye Karibo
3 months ago
Data Visualizations
Columns

Five Key Considerations for Creating Effective Data Visualizations

by Blessing Chinyere Daniel
5 months ago
The Transformative Power of AI in Revolutionizing Industries and Empowering Growth
Columns

The Transformative Power of AI in Revolutionizing Industries and Empowering Growth

by Blessing Chinyere Daniel
6 months ago
Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit
Columns

Navigating the Turbulent Terrain of Entrepreneurship: The Power of Tenacity, Growth Mind-set, and Grit

by Uloma Harrison-Ikenwanze
6 months ago
The Power of Data in Today’s World
Columns

The Power of Data in Today’s World

by Blessing Chinyere Daniel
6 months ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

Traditional Superiority: Alaafin Denies Rift With Ooni Of Ife, During Visit To Oluwo

Traditional Superiority: Alaafin Denies Rift With Ooni Of Ife, During Visit To Oluwo

June 7, 2025
Ballon d’Or: Ronaldo tips Dembele, Says Champions League Winner Should Be Crowned.

Ballon d’Or: Ronaldo tips Dembele, Says Champions League Winner Should Be Crowned.

June 7, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address