NUPRC Greenlights TotalEnergies' $510m Oil Asset Sales Deal with Shell and Agip

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved TotalEnergies' $510 million oil asset sales deal with Shell and Agip. TotalEnergies will transfer a 10% interest in Oil Mining Lease OML 118 to Shell Nigeria and Nigerian Agip Exploration Limited.

The agreement, pursuant to the Petroleum Industry Act 2021, ensures that TotalEnergies demonstrates commitment as the operator. NUPRC conducted due diligence to verify the financial and technical capacities of the involved parties.

This deal signifies a strategic move in the Nigerian oil sector, allowing for the efficient exploration and production of assets in OML 118.