TheCable

The Nigerian National Petroleum Company (NNPC) Limited says it will ensure that the delay in finalising Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets does not affect its interest as a commercial entity.

Mele Kyari, group chief executive officer (GCEO), NNPC Limited, said this during a press briefing at the state house in Abuja, on Tuesday.

Seplat Energy had revealed plans to acquire Mobil Producing Oil assets from ExxonMobil for $1.3 billion, in February.

But the NNPC, which has a 60 percent share in the MPNU joint venture (JV), won a court injunction restraining the proposed sale.

Speaking on the impact of the delay on investments in the oil sector, Kyari said the NNPC was working to ensure that the JV assets were producing.

“By the way, divestment is the right of any partner. As a matter of fact, the Petroleum Industry Act (PIA) allows the government to divest its interest in joint ventures (JVs) today,” he said.

“So anyone can divest interest in any business but divestment always has rules, processes. We are now NNPC Limited. We are a commercial company.

“We will do everything possible to protect our commercial interests that will have nothing to do with stifling investment in the industry because we already have structure and processes that are in place to ensure that these assets continue to produce. Nothing has stopped. Change of ownership does not stop business.”

Earlier in the month, President Muhammadu Buhari approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the state-owned oil company to block the deal.

But the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) rejected the approval  — forcing the president to reverse his authorisation.