The Nigerian National Petroleum Company Limited (NNPC Ltd.) has officially announced the signing of a settlement agreement that paves the way for ExxonMobil to divest its stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Plc. This agreement, two years in the making, involved various entities such as MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc.
President Bola Tinubu directed the Ministry of State for Petroleum Resources and NNPC Ltd. to resolve the divestment issue, which had stalled the Seplat and ExxonMobil deal for over two years. Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, emphasized the importance of resolving the issue, citing the significant loss of 34 billion dollars in the past two and a half years due to a decline in production from the assets being divested.
The recent signing of the settlement agreement signifies a positive step towards increasing Nigeria’s daily crude oil production by at least 700,000 bpd, potentially reaching two million bpd by the end of the year.