Nigeria approves XOM's $1.28 billion sale of onshore assets to Seplat Energy, ending over two years of regulatory delays and marking a shift toward offshore investments.

Nigeria's regulatory authorities have approved the sale of ExxonMobil's assets to Seplat Energy while halting Shell's planned divestment of its onshore and shallow-water operations, reported Reuters.

ExxonMobil said it looks forward to concluding the sale of Mobil Producing Nigeria Unlimited shares for $1.28 billion to Seplat Energy Plc.

Nigeria has approved the sale of Exxon Mobil Corp's onshore assets to Seplat Energy, the chief executive officer of the country's upstream regulator said on Monday, more than two years after the $1.28 billion deal was first agreed.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has approved the divestment of four international oil companies (IOCs).

Nigeria has declined to approve the sale of Shell's (NYSE:SHEL) onshore and shallow-water oil and gas in the Niger Delta region to a consortium of local companies, the country's upstream regulator said Monday.

Nigeria has approved the sale of Exxon Mobil Corp's onshore assets to Seplat Energy, the chief executive officer of the country's upstream regulator said on Monday, more than two years after the $1.28 billion deal was first agreed.

Shell plc’sSHEL deal to sell its onshore Nigerian subsidiary, Shell Petroleum Development Company Ltd ("SPDC"), for $1.3 billion has suffered a setback, with the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") stating that the future buyer lacked the required qualifications to manage the assets.