NUPRC announces close of divestment deals for NAOC-Oando, others

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of oil assets sale between NAOC and Oando as well as the Equinor – Project Odinmim divestments.

The Chief Executive of NUPRC, Gbenga Komolafe, who made the disclosure at the on-going NOG Energy Week in Abuja, said the signing ceremonies for the two deals would come up any moment.

Komolafe also disclosed that the commission is yet to receive correspondence on ministerial consent for the $1.2 billion ExxonMobil downstream assets sale to Seplat Energy.

This settlement was reached between the management of the two organisations in March, thereby granting consent to the sale of ExxonMobil’s 40 per cent stake in MPNU assets to Seplat Energy Plc. for $1.3 billion which includes four oil mining licences, more than 90 shallow-water and onshore platforms, and 300 producing wells.

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Speaking on the Shell Petroleum Development Company (SPDC) – RENAISSANCE $2.4 billion deals, Komolafe said the deals were already undergoing due diligence.