The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that the recent approvals for Nigerian Agip Oil Company’s (NAOC) divestment to Oando Petroleum and Equinor’s divestment to Chappal were in full compliance with the Petroleum Industry Act (PIA) 2021.
The commission also noted that the divestment process between Mobil Producing Nigeria Unlimited (MPNU) and Seplat Energy Offshore Limited is currently under review and expected to be completed within the 120-day timeline mandated by the PIA.
NUPRC emphasized that the approval processes for these divestments are guided by clearly defined frameworks and international best practices, ensuring transparency and thorough due diligence.
The commission highlighted that the NAOC divestment process included evaluations of technical capacity, financial viability, and environmental considerations, with measures in place to address any identified liabilities.
Additionally, NUPRC assured the public that all divestment approvals are conducted legally and professionally, with strict adherence to the PIA and other relevant regulations.
The commission reiterated its commitment to maintaining high standards in the Nigerian upstream petroleum sector while keeping the public informed of its regulatory activities.