NUPRC Chief Executive, Engr. Gbenga Komolafe

NUPRC approves divestiture of NAOC assets to Oando

 

Globaltimes report that The Nigerian Upstream Petroleum Regulatory Commission has released a statement providing an update on the status of certain divestments in the oil and gas sector.

According to the statement signed by the Head of the Public Affairs Unit, NUPRC, Olaide Shonola, on Monday, the commission has granted ministerial consent for the divestment of assets by NAOC 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 highlighted the commission’s commitment to transparency and professionalism in its regulatory activities.