The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed the successful completion of two significant divestment deals in the country’s oil and gas industry, worth billions of dollars.
The deals involve the divestment of Eni NAOC’s interests in Oil Mining Lease (OML) 60 to EQUINOR, and the divestment of SPDC’s interests in OML 4, 38, and 41 to SEPLAT.
Commission Chief Executive of the NUPRC, Engr. Gbenga Komolafe, announced this on Wednesday in Abuja during his presentation at the ongoing 23rd Nigeria Oil and Gas Energy Week.
He explained that the signing ceremony for the Eni NAOC-EQUINOR deal, dubbed “Project Odin,” will take place in the coming days, while the signing ceremony for the SPDC-SEPLAT deal, dubbed “Renaissance,” is also expected to take place soon.
The NUPRC boss confirmed that documents submitted by SPDC for the Renaissance deal are currently undergoing due diligence.
Meanwhile, LeonMubi MPN has expressed commitment to proceed with the application for Ministerial Consent to NUPRC.
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This development is seen as a significant milestone in the country’s efforts to revitalize its oil and gas industry, attract new investments, and boost economic growth.
The divestment deals are expected to bring in fresh capital, technology, and expertise, which will help to increase oil production, reduce carbon emissions, and create new opportunities for Nigerians in the industry.
In his presentation titled “Defining the Outlook for Deep-Water Exploration and Production in Nigeria,” Komolafe also outlined the future plans for deepwater upstream investment in the country.
He emphasized the need for sustained investment in the industry to achieve the country’s oil production targets.
During the panel session, some of the International Oil Companies (IOCs) stressed the need for a stable regulatory framework, improved security, and competitive fiscal terms to attract more investments into the industry.
The successful completion of these divestment deals according to the NUPRC boss is a testament to the commission’s commitment to creating an enabling environment for investment in the oil and gas industry.
The deals are expected to have a positive impact on the country’s economy and contribute to the growth of the industry.
(Editor: Ena Agbanoma)
