The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has moved to address growing concerns over recent oil divestments, providing a detailed update on the status of transactions involving NAOC, Equinor, and Mobil Producing Nigeria Unlimited (MPNU).
According to a statement issued by the Head of Public Affairs at NUPRC, Olaide Shonola, the Commission confirmed that ministerial consent had been granted for the divestments by NAOC to Oando Petroleum and Natural Gas Company Limited and Equinor Nigeria to Chappal Energies, following rigorous regulatory processes.
The NUPRC also clarified that the divestment by MPNU to Seplat Energy Offshore Limited is currently undergoing due diligence review, within the 120-day timeline stipulated by the Petroleum Industry Act (PIA).
“The Commission wishes to assure the public that the process for approving divestment applications is guided by the provisions of the PIA and clearly defined frameworks in the assignment regulations, guided by international best practices,” Shonola said in the statement.
The Commission reiterated its commitment to transparency, due process, and international best practices in the regulation of the oil and gas sector, dismissing concerns of opacity and favoritism.
The NUPRC reassured stakeholders and the general public of its unwavering dedication to upholding the highest standards of regulatory excellence.
