The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has endorsed the acquisition of assets from the Nigerian Agip Oil Company (NAOC) by Oando Petroleum and Natural Gas Company Limited (Oando PNGCL) and OANDO Oil II Cooperatief U.A. (OANDO Cooperatief). This move aligns with the Petroleum Industry Act (PIA) 2021 and the NUPRC’s regulatory framework.
The NUPRC’s approval also covers Equinor Nigeria’s divestment to Chappal Energies. These approvals follow a thorough review process to ensure compliance with regulatory guidelines, including technical capacity, financial stability, and legal adherence.
Currently, the divestment by Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited (Seplat) is under comprehensive review. This review adheres to the stringent requirements of the PIA, with an anticipated completion within the 120-day timeframe specified by the legislation.
The approval process for NAOC’s divestment began with a notification of intent in May 2023, followed by technical evaluations and formal approvals. This meticulous process ensured that all regulatory criteria were met.
In contrast, MPNU’s initial application, filed in February 2022, encountered delays due to missing consents and waivers. After resolving disputes with the Nigerian National Petroleum Company (NNPC) in June 2024, MPNU resubmitted its application, which is now being thoroughly reviewed by the NUPRC.
The NUPRC reiterates its commitment to international best practices and PIA provisions in all divestment decisions. The Commission assures the public of its dedication to maintaining the highest standards of integrity, technical expertise, and professionalism in its regulatory responsibilities.
