NUPRC Secures $400M for Oilfield Liabilities, Tightens Asset Rules
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has secured $400 million for oilfield decommissioning liabilities and tightened rules on asset divestments to protect the petroleum sector. During the Nigerian Extractive Industries Transparency Initiative (NEITI) Companies Forum in Lagos, NUPRC's Chief Executive, Engr Gbenga Komolafe, highlighted the importance of safeguarding against financial and environmental burdens.
Nigeria aims to prevent situations like the North Sea's projected $1 billion decommissioning cost by 2032. Recent divestments, including the NAOC sale and Equinor exit, have been influenced by global experiences to ensure responsible asset transfers.
This regulatory stance seeks to avoid leaving unpaid liabilities like the AU $200 million in Australia.
Plus234Feed summary based on reporting from News Online Nigeria. Read the original report below.
Read full article
Continue on News Online Nigeria
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NUPRC Approves 94 Decommissioning Plans, $4.4bn FDP Liabilities in 2 Years
NUPRC Hailed As Commission Hits ₦5.21 Trillion Revenue In 2025
Nigerian Upstream Petroleum Regulator Opposes New Oil Installation Decommissioning Commission
NUPRC Chief Reveals $18bn Investments in Nigerian Oil & Gas Sector
NUPRC Praised for Transparency and Efficiency in Petroleum Regulation
NUPRC Secures Deepwater PSCs in Nigeria's Oil Sector Reform
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
