Nigeria has decided to sell the land assets of Exxon Mobil to Seplat Energy for $1.3 billion, after more than two years since the announcement of the deal.

The CEO of Nigeria’s oil and gas regulatory authority confirmed that the ministerial approval will be issued soon, and it is expected that Seplat will increase its oil production to over 130,000 barrels per day.

Seplat, a local energy supplier, has committed to purchasing these assets for $1.3 billion, which could potentially quadruple its oil production to over 130,000 barrels per day.