Good news for Nigeria’s oil production! The Nigerian National Petroleum Company (NNPCL) and ExxonMobil have reached a settlement agreement regarding the sale of ExxonMobil assets to Seplat Energy. This long-standing disagreement had been hindering production and costing Nigeria an estimated 480,000 barrels of crude oil per day.
The deal’s resolution is expected to significantly increase Nigeria’s oil output. Experts believe it could add up to 480,000 barrels daily, bringing production closer to pre-crisis levels of around 600,000 barrels. This is a welcome development for a country that has seen its oil revenue decline in recent years.
Seplat Energy, the intended buyer of the assets, is cautiously optimistic. While they acknowledge the settlement as a positive step, they await final regulatory approvals before moving forward. Seplat expects the deal to ultimately benefit their overall business growth.
This agreement signifies a potential turning point for Nigeria’s oil production. Increased output could translate to much-needed revenue for the country.
Source: Punch