Nigeria is on the brink of adding 480,000 barrels to its daily crude oil output as the Nigerian National Petroleum Company Limited and ExxonMobil have taken a significant step towards resolving the disagreement surrounding the sale of ExxonMobil’s assets to Seplat Energy.
After President Bola Tinubu’s intervention, the NNPCL has signed a settlement agreement with ExxonMobil, bringing hope for the successful divestment. The Minister of State for Petroleum, Heineken Lokpobiri, highlighted that the nation lost around $30bn in the past two and a half years due to the crisis, resulting in a daily loss of 480,000 barrels of oil.
With Seplat’s Director of External Affairs, Chioma Afe, expressing optimism about the development and pending regulatory approvals, the resolution may bolster Nigeria’s oil production and contribute to meeting OPEC targets. The announcement marks a crucial step towards the long-delayed divestment deal, suggesting a brighter future for Nigeria’s oil sector.