Energy

NUPRC: Status-quo remains on share sale by Exxonmobil to Seplat Energy

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that the status quo remains in respect of the ExxonMobil/Seplat Energy share acquisition.

Responding to media enquiries on the latest development about the transaction, the Chief Executive of the NUPRC, Engr. Gbenga Komolafe, clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.

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The Commission is committed to ensuring a predictable and conducive regulatory environment at all times in the Nigerian upstream sector.

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