Publish guidelines for IOC’s assets divestment, NUPRC told

A non-governmental organisation, Policy Alert, has urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to publish regulations and guidelines for divestment of oil and gas assets under the new Petroleum Industry Act 2021 regime.

This follows the approval of the acquisition of shallow water assets of ExxonMobil Producing Nigeria Unlimited by Seplat Energy by President Muhammadu Buhari.

Senior Programme Officer of the organisation, Mfon Gabriel, said the regulations would force all divesting companies to comply with past and existing Memoranda of Understanding with host communities and checkmate irresponsibility on the part of the OIC.

Speaking on Monday in Uyo, Gabriel stated that host communities bore the brunt of such divestment in the past because of hurriedly signed off deals.

“To guide industry actors on the process of divestment in the PIA 2021 regime, NUPRC must publish regulations and guidelines for International Oil Companies’ divestment of assets in Nigeria.

“Such a guideline must insist that all divesting companies demonstrate compliance with past and existing Memoranda of Understanding with host communities,” it insisted.