The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday said the recent approval of the Nigerian Agip Oil Company (NOAC) to Oando Petroleum and Natural Oil and Gas Limited was in line with the Petroleum Industry Act (PIA) 2021.
It also said the divestment of Equinor to Chappal was in compliance with the PIA.
NUPRC also said the divestment by Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited (Seplat) is currently undergoing the same consent approval process.
It said MPNU-Seplat consent process is expected to be completed within the 120-day timeline provided by the PIA.
It assured the public that the process for approving divestment applications is guided by “clearly defined frameworks in the assignment regulations and international best practices.”
The NUPRC made the clarifications in a statement signed by its Head of Public Affairs Unit, Mrs. Olaide Shonola. It said the divestment approvals were transparent.
The statement said: “The Commission wishes the public to be aware that the approvals given to the NAOC-Oando and Equinor – Chappal divestments were in accordance with the Petroleum Industry Act (PIA) 2021, defined regulatory framework, and standard consent approval process set by the Commission under the PIA…
“In line with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)’s avowed commitment to transparency and belief in the right of the public to know about our regulatory activities, we wish to keep the public abreast of the status of certain divestments that have received ministerial consent and the divestment by Mobil Producing Nigeria Unlimited (MPNU), which has been subject to a lot of public attention.
The statement gave a breakdown of the processes which led to the divestment of NAOC assets to Oando entities and shares in Mobil Producing Nigeria Unlimited (MPNU) to Seplat.
The commission said the consents to Oando and Chappal Energies were fulfilled according to the regulatory process.
