The Nigerian National Petroleum Corporation (NNPC) is set to meet the management of Exxon Mobil Corporation on March 17, 2022, over an agreement it had with Seplat Energy Plc to acquire the entire share capital of Mobil Producing Nigeria Unlimited, Delaware for $1.28 billion.
This was disclosed by a source in the NNPC, who prefered anonymity, in a chat with Nairametrics on Friday.
According to the source, the state-owned oil giant has opted to exercise its Right of First Refusal (RFR) on the sale of the assets. The RFR is reportedly contained in the Joint Operating Agreement (JOA) of the Joint Venture (JV), which represents NNPC’s position on the planned sale of the shares to Seplat Energy Plc.
What our source is saying about the deal
He said, “NNPC has the right to exercise its Right of First Refusal. We will provide details about our stand shortly.”
Meanwhile, efforts to get the reaction of Seplat Energy Plc were abortive, as the company keeps mum over the development.
Details soon…
-Nairametrics
