The Nigerian Upstream Petroleum Regulatory Commission, NUPRC has affirmed that status quo remains in respect of ExxonMobil-Seplat Energy share acquisition.
Responding to media enquiries on latest development about the transaction, Chief Executive of the NUPRC 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.
The Commission say it is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.
This is coming after reports that President Muhammadu Buhari approved takeover of the ExxonMobil shares by Seplat, the Nigerian independent oil and gas company listed on the London and Nigerian stock exchanges.
(Editor: Terverr Tyav)