Oil Regulator Overrules Nigerian President on Exxon Deal
- President had approved sale of oil block for $1.28 billion
- Spat may discourage future investment in oil, gas industry
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Nigeria’s energy regulator overruled President Muhammadu Buhari’s approval of a $1.28-billion purchase of Exxon Mobil Corp. assets, in a high-profile disagreement that may discourage investment in the country’s struggling oil and gas industry.
Hours after Buhari’s office approved Seplat Energy Plc’s acquisition of Exxon’s shallow-water business, the Nigerian Upstream Petroleum Regulatory Commission said the transaction is “purely a regulatory matter.” In addition, its previous rejection of the deal remains in place, the NUPRC said in a statement on Monday.