The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the sale of ExxonMobil's onshore oil and gas assets in Nigeria to the local company Seplat Energy, more than two years after the US$1.28bn deal was first signed (February 2022). Under the deal, Seplat will own 40% of four oil mining leases and associated infrastructure, including the Qua Iboe export terminal, and 51% of Bonny River natural gas liquids (NGL) recovery plant, previously owned by Exxon's Nigerian unit.
The sale was delayed as the state-owned Nigerian National Petroleum Company (NNPC) asserted a right of first refusal on the deal, arguing pre-emptive rights to the assets as a joint-venture partner. However, in June 2024, NNPC and ExxonMobil agreed on a settlement deal for the planned asset divestment.
Simultaneously, the NUPRC confirmed the rejection of Shell's proposed US$1.3bn sale of its Nigerian onshore oil assets to the local company Renaissance group, citing regulatory issues. The assets in question hold an estimated 6.73 Gbl of oil and condensate, along with 56.3 tcf (1,593 bcm) of associated and non-associated natural gas.
In January 2024, Shell announced plans to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria (namely ND Western, Aradel Energy, First E&P, and Waltersmith). Shell was planning to sell its Nigerian subsidiary for US$2.4bn, with a first US$1.3bn payment followed by additional payments of up to US$1.1bn relating to prior receivables at completion.