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Seplat Energy PLC formerly SEPLAT Petroleum Development Company PLC is a Nigerian independent upstream oil and gas company which focuses on production and development opportunities in Nigeria. The company has two reportable segments namely Oil and Gas. Geographically, it derives a majority of revenue from Switzerland. The company's exploration assets include OMLs 4, 38 and 41 which are located in Edo and Delta States onshore Nigeria; OPL 283 Marginal Field Area; and OML 53, which is located onshore in Imo State in the North-Eastern Niger Delta.

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Exxon is relocating staff from the 12-floor Mobil House, reportedly leased at $10 million annually, to a six-floor office building in Ikoyi.

Exxon Shrinks Footprint In Nigeria Despite Renewal Of Lease On Lagos Office: Report

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The Exxon-Seplat asset sale in Nigeria could be approved within two weeks, ending a two-year delay since the $1.28 billion deal was signed. This will inject capital into Nigeria&#39;s oil industry and boost oil output. 

Seplat&#39;s $1.28B Asset Deal with Exxon Gets Regulatory Boost: Report

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Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) is renewing a 33-year-old lease on its expansive offices in Lagos&#8217;s upscale Lekki district.



The lease was set to expire on Friday.



The move comes after it plans to scale down operations in Nigeria, reported Reuters.



Exxon is relocating staff from its 12-floor Mobil House, reportedly leased at $10 million annually, to a six-floor office building 22 kilometers away in the Ikoyi area.



The new office is said to accommodate half the personnel working at the former offices.



Earlier this month, Exxon said an asset sale to Seplat Energy (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SEPLF#OTC">SEPLF</a>) could be approved in less than <a href="https://www.benzinga.com/markets/equities/24/05/38612283/seplats-1-28b-asset-deal-with-exxon-gets-regulatory-boost-report" target="_blank" rel="noreferrer noopener">two weeks and currently nearing closure</a>.



Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>), TotalEnergies SE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TTE#NYSE">TTE</a>), and Eni S.p.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) have also planned to leave Nigeria&#8217;s oil-rich Niger delta, citing security concerns. Such moves have been stalled by regulatory hurdles.



Investors can gain exposure to the XOM via&nbsp;Energy&nbsp;Select&nbsp;Sector&nbsp;SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).



Price Action: XOM shares are up 0.17% at $113.82 at the last check Thursday.



Now Read: <a href="https://www.benzinga.com/markets/equities/24/05/39069166/shell-and-exxon-eye-north-sea-asset-sales-in-500m-deal-report" target="_blank" rel="noreferrer noopener">Shell And Exxon Eye North Sea Asset Sales In $500M Deal: Report</a>



Image: Shutterstock

Exxon Mobil Corporation&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) asset sale to&nbsp;Seplat Energy&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SEPLF#OTC">SEPLF</a>) could reportedly&nbsp;be approved&nbsp;in less than two weeks.



Nigeria&#8217;s oil regulator said&nbsp;that&nbsp;this would end a two-year delay since the deal was signed, reported Reuters.



In 2022, Seplat Energy&nbsp;inked the $1.28 billion deal with Exxon and has been&nbsp;waiting&nbsp;regulatory approval&nbsp;since then.



As per the report, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) chief Gbenga Komolafe stated, &#8220;Subject to the outcome of the meeting, consent&#8230; could be given in less than two weeks from the date of the meeting.&#8221;



Komolafe added that &#8220;NUPRC would give the companies two mutually exclusive options that, if accepted, would permit approval of the deal.&#8221;



&#8220;As a commission, we don&#8217;t want our nation to carry unwarranted financial burdens arising from the operations of the assets over time by the divesting entities.&#8221;



As per the report, analysts said that approving the Exxon-Seplat deal would inject much-needed capital into Nigeria&#8217;s oil industry, thereby leading to improved oil output.



Apart from this, Exxon Mobil Corporation is preparing to close its $60 billion deal for&nbsp;Pioneer Natural Resources Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PXD#NYSE">PXD</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/government/24/05/38569055/exxon-mobil-set-to-close-60b-deal-for-pioneer-natural-resources-after-agreement-with-ftc" rel="noreferrer noopener">in the coming days</a>.



Investors can gain exposure to the XOM stock via&nbsp;Energy&nbsp;Select Sector&nbsp;SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S. Energy&nbsp;ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).



Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/05/38546624/exxon-to-shut-down-two-oil-projects-for-pipeline-connection-report" rel="noreferrer noopener">Exxon To Shut Down Two Oil Projects For Pipeline Connection: Report</a>



Price Action: XOM shares are up 0.14% at $116.40 premarket at the last check Friday.



Photo: Del Henderson Jr. via Shutterstock

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