Why NUPRC Stopped Seplat’s Purchase Of ExxonMobil Nigeria Assets

In a move that was creating unease in international oil industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) late on Monday rejected the ministerial approval of the sale of ExxonMobil to Seplat.

The NUPRC in a statement made available to GreenWhiteGreen GWG affirmed that the status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.

The NUPRC it was gathered was acting based on its powers under the Petroleum Industry Act that gives the commission the authority to recommend to the minister on approving or declining the sale.

Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Engr. 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 is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector,” the NUPRC said in applying the brake to the sale of ExxonMobil to Seplat as approved by Buhari.

GreenWhiteGreen GWG reports that the situation under the PIA which gives the NUPRC powers to approve such transaction is unlike the situation under the former regime of the 1969 Petroleum Act that granted such powers to the Minister of petroleum.

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