The federal government has approved four out of five divestment requests received by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
This was disclosed on Monday at the launch of Project One Million Barrels Per Day Production by the NUPRC.
The NUPRC which was established by the Petroleum Industry Act (PIA) 2021 used the occasion to celebrate its three years of regulatory overhaul of the upstream industry.
Revealing the development in the divestments of International Oil Companies (IOCs) assets, the NUPRC Chief Executive, Engr Gbenga Komolafe, said that the commission received a total of five divestment requests.
He listed the request as the NADC/ OANDO divestment; the Equinor Project Odimim; the Total Energies/ Telema Energies, and the MNO/Seplat divestment.
The fifth divestment is the SPDC/Reneissance divestment.
Komolafe said, “The Commission received an application of five divestment transactions, and I always assure you as business enabler and as agency focused on proactive regulatory institution.
“Currently, we have processed four of the transactions, and four of them have received ministerial consent.
“The four transactions are the transaction in respect of NADC/ OANDO, which has been recommended by the regulator in line with the Petroleum Industry Act. It has received ministerial consent.
“Also, the transaction in respect to Equinor Project Odimim also, the transaction in respect to the MNO/Seplat has been consented, and I am happy to announce that they have received ministerial consent.
“Also, the transaction in respect to 10 per cent divestment of Total Energies/ Telema Energies has received ministerial consent. “
He said the SPDC/Renaissance divestment is yet to receive ministerial consent.
Komolafe said it is the first time in history that the country is handling divestment in an orderly manner.
He said the divestments were made possible by the provisions of the Petroluem Industry Act 2021.
“I believe it is a success for our industry and it will go a long way in facilitating the achievements we have made in the oil and gas industry, ” he added.
He called on industry players to support NUPRC’s effort to restor sanity in the industry.