NUPRC Denies Approving Shell’s 1.3Billion Dollar Assets Sale To Renaissance.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied reports that it has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion.

The Commission described the publication in Businessday newspaper as “baseless” and stated that the information did not emanate from the Commission.

The NUPRC in a statement issued by the Head Public affairs and Corporate Communications Olaide Shonola assured industry stakeholders and the general public that it is committed to transparency and accountability and will communicate its position on the transaction at the appropriate time.

The Commission’s denial has thrown the reported sale into uncertainty, leaving many to wonder about the future of Shell’s onshore assets in Nigeria.

The reported sale had been seen as a significant development in the Nigerian oil and gas industry, with many expecting it to bring in much-needed investment and boost the country’s economy.

Energy news stream reports that with the NUPRC’s denial, the status of the sale remains unclear, and stakeholders will have to wait for further communication from the Commission to determine the next steps.