The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated the latest developments in the oil and gas sector’s divestments.
The statement, signed by Olaide Shonola, Head of the Public Affairs Unit at NUPRC, confirms that the commission has granted ministerial consent for NAOC’s divestment of assets to Oando Petroleum and Natural Gas Company Limited and OANDO Oil II Cooperatief U.A.
Shonola stated, “The approvals given to the NAOC-Oando and Equinor-Chappal divestments were in accordance with the Petroleum Industry Act (PIA) 2021, the defined regulatory framework, and the standard consent approval process set by the Commission under the PIA.”
The statement also provided an update on the divestment by Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited, which is currently undergoing the consent approval process.
Shonola stressed that the commission’s due diligence process is ongoing and within the 120-day timeline required by the PIA.
“The Commission wishes to assure the public that the process for approving divestment applications is guided by the provisions of the PIA and the clearly defined frameworks in the assignment regulations, guided by international best practices,” Shonola said.
The statement also emphasized the commission’s dedication to transparency and professionalism in its regulatory activities.
