ExxonMobil/Seplat Deal: Buhari Yet To Reverse Official Consent, Experts React On PIA

“We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and we will provide an update in due course,” a source withing Seplat said.Last Wednesday, Seplat said it was aware of news and social media reports alleging ‘impropriety’ in the process of securing ministerial consent for the Mobil Producing Nigeria Unlimited deal, but that it was ‘wholly untrue’.

The deal would have been established as the first major transaction to be announced since Nigeria passed the Petroleum Industry Bill, PIB, aimed at bolstering oil and gas investments after two decades of uncertainty. Barrister Monday Ubani, former second Vice President, Nigerian Bar Association, NBA, and former chairman, Ikeja branch of NBA, said the country is known for policy inconsistencies but warned that this could be very disappointing especially to investors.

A senior advocate of Nigeria, SAN, in reaction to our request for proper interpretation of the PIA in relation to the matter, said, “I’m conflicted. I can’t express an opinion on the subject matter.” He did not want his name to be published.Early last year, petroleum licences belonging to Chinese-owned Addax Petroleum Corp were revoked, restored and revoked again this year.

The statement said Buhari signed off the deal because of his commitment to driving investments in the oil and gas sector under the Petroleum Industry Act. President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat.

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