The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the sale of major oil assets involving Eni’s Nigerian Agip Oil Company and Equinor to Oando and Chappal respectively after completing the required regulatory processes. NUPRC’s CEO Gbenga Komolafe announced the development on Wednesday, revealing that the deals will be finalized in the coming days. Komolafe also announced that the NUPRC is reviewing Shell’s $2.4 billion deal with Renaissance and expects to finalize it within the next few months. He stated that Exxon Mobil’s asset sale to Seplat is pending with the company applying for ministerial consent to conclude the deal. Komolafe also revealed that these deals come amidst an uptick in activities in the upstream sector, with the country’s oil rig count growing to 34 from a low of eight in 2021.
SOURCE: ARISE TV
