Nigeria has officially approved the sale of Exxon Mobil Corp's onshore assets to Seplat Energy, as confirmed by the chief executive officer of the country's upstream regulator. This approval comes more than two years after the $1.28 billion deal was initially agreed upon.
The finalization of this transaction is a key step in ExxonMobil's strategy to divest non-core assets and focus on its more advantaged, high-return projects globally. This portfolio high-grading is designed to enhance the company's overall profitability and efficiency.
The approval removes a significant regulatory hurdle, allowing ExxonMobil to complete the divestment and reallocate the capital generated. This capital can then be deployed into strategic growth areas or used for shareholder distributions.
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