Nigerian regulators said they expect to formally consent to Exxon Mobil Corp.’s sale of its oil and gas assets to Seplat Energy Plc within four months, ending a hiatus that has stalled the conclusion of a transaction that was first announced in February 2022.
The approval process should be completed within the 120-day legal timeframe, the Upstream Petroleum Regulatory Commission said in a statement on Monday.
Nigeria’s state oil company in May said it reached an agreement that would allow Exxon to proceed with the asset disposal. Seplat, a local energy supplier, agreed to acquire them for $1.3 billion, a deal that could almost quadruple its oil output to more than 130,000 barrels a day.
Former President Muhammadu Buhari backed the transaction, but approval was later reversed amid objections from the regulator.
