The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Monday said over 80 percent of oil assets divestment from Nigeria has been approved.

These assets include the $1.3 billion ExxonMobil divestment to Seplat, TotalEnergies divestment to Chappal for $860 million, Oando PLC acquisition of shares of Nigerian Agip Oil Company (NAOC) at $783 million, and Equinor Nigeria Energy Company Limited divestment to Project Odinmin Investments Limited, which was provided at over $700 million.

Speaking in Abuja, Chief Executive of NUPRC Gbenga Komolafe said the divestment of Shell Petroleum Development Company Limited (SPDC) assets to Renaissance Africa Energy Company Limited failed to meet regulatory standards and was rejected.

Out of the five applications for ministerial consent received by the NUPRC, Komolafe said four transactions were approved, passing the rigorous regulatory assessment.

The four approved transactions represent 80 percent of the applications, marking significant progress in the restructuring of Nigeria’s upstream oil and gas sector, he noted, stressing that the move aligns with the government’s aim to attract more local participation and streamline operations in the industry.

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The NUPRC provided no specific reasons for the rejection but underscored its commitment to maintaining strict compliance with the guidelines outlined in the PIA.