NUPRC disowns reported consent to SPDC acquisition deal
Sopuruchi Onwuka
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly denied reports claiming it has granted consent for Shell’s $1.3 billion sale of onshore assets to the Renaissance consortium.
In a statement issued by the Head of Public Affairs and Corporate Communication, Mrs. Olaide Shonola, the Commission clarified that the publication was unverified and originated from unofficial sources.
Mrs. Shonola stressed that the information did not emanate from the NUPRC, reiterating the Commission’s commitment to transparency and accountability in its operations.
She assured industry stakeholders and the public that an official position would be communicated at the appropriate time.
This development comes amid ongoing delays in securing regulatory approval for sale of the Shell Petroleum Development Company’s (SPDC) Nigeria Limited and its onshore assets to the Renaissance consortium.
The sale, which has been in the works for over a year, has faced several regulatory hurdles; and stakeholders have expressed concern over the impact of these delays on Nigeria’s oil sector, given the scale of SPDC’s operations and the significance of the deal in optimizing the divested assets.
However, the NUPRC urged the public to disregard the recent publication, describing it as baseless and without merit. The commission declared that no decisions have been made on the sale, reiterating that it would address the matter in due course.
