The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has granted ministerial consent for the divestment of NAOC’s assets to Oando Petroleum and Natural Gas Company Limited, marking a significant shift in the oil and gas sector.
According to Olaide Shonola, Head of Public Affairs Unit, NUPRC, the approval was granted after a thorough consent approval process, aligning with the PIA’s regulatory framework.
Shonola stated, “The approvals given to the NAOC-Oando and Equinor-Chappal divestments were in accordance with the Petroleum Industry Act (PIA) 2021, the defined regulatory framework, and the standard consent approval process set by the Commission under the PIA.”
The statement also provided updates on the Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited divestment, currently undergoing the consent approval process.
The commission emphasized its dedication to transparency and professionalism in regulatory activities, ensuring that the divestment process is guided by international best practices and the PIA’s provisions.
