The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified that Shell’s $1.3 billion deal to sell its onshore assets to Renaissance has not been finalized.

In a statement by NUPRC spokesperson Olaide Shonola, the commission urged the public to disregard recent media reports claiming the transaction had been approved.

NUPRC emphasized its commitment to transparency and will announce its official position on the matter at the appropriate time.

The sale of Shell’s onshore subsidiary to Renaissance, a consortium of five companies, is still pending government approval and other conditions.