Why we rejected $1.3b Shell asset sale to Renaissance – NURPC
21 October 2024 |
3:27 pm
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it rejected the sale of Shell’s assets to the Renaissance Group for $1.3 billion due to regulatory issues. The Chief Executive Officer (CEO) of NUPRC, Gbenga Komolafe, informed Reuters of the development in Abuja on Monday. Komolafe said the assets in question hold an estimated 6.73…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said it rejected the sale of Shell’s assets to the Renaissance Group for $1.3 billion due to regulatory issues.
The Chief Executive Officer (CEO) of NUPRC, Gbenga Komolafe, informed Reuters of the development in Abuja on Monday.
Komolafe said the assets in question hold an estimated 6.73 billion barrels of oil and condensate, together with 56.27 trillion cubic feet of associated and non-associated gas.
“The deal could not scale (the) regulatory test,” said Komolafe without providing further details.
Meanwhile, according to Bloomberg, Nigeria has approved Exxon Mobil’s sale of its oil and gas assets to domestic energy supplier, Seplat.
This has thus put an end to a more than two-year hiatus that stalled the conclusion of the $1.3 billion transaction.
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