Nigeria Set to Approve Exxon’s $1.3-Billion Shallow Water Asset Sale

Nigeria’s government is set to approve within days the proposed $1.3-billion sale of ExxonMobil’s shallow water assets to local firm Seplat, Nigerian President Bola Tinubu said on Tuesday. The U.S. supermajor announced two years ago its intention to sell its shallow water business in Nigeria to Seplat, the biggest Nigerian energy company by market value, in a $1.3 billion deal. The transaction has been stuck at the regulatory approval level for months and Exxon has yet to receive full clearance for the asset sale. Earlier this year,…