JUST IN: Seplat Gains Control of Mobil HQ After acquisition

Seplat Energy Plc one of Nigeria’s largest oil exploration firms has gained full control of Exxon Mobil headquarters following the completion of its acquisition.

ENigeria Newspaper reports that Seplat Energy Plc had earlier acquired Exxon Mobil in a deal pegged at a whopping $1.2 billion that had been agreed upon by the both parties since February 2022 but was delayed by state regulators.

But subsequently, the Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), approved the deal in October 2024 and the acquisition was completed in December of same year.

The transaction was approval by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) came at the same time the regulator prevented Shell from selling up to $2.4 billion worth of assets to the Renaissance group.
Following the completion of the Seplat-ExxonMobil merger, Seplat Energy is now Nigeria’s top independent energy company, with equity in 11 blocks (onshore and shallow water Nigeria), 48 producing oil and gas fields, 5 gas processing facilities, and 3 export terminals.