NUPRC Revokes Approval for TotalEnergies' $860m Asset Sale in Nigeria

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revoked approval for TotalEnergies' $860 million asset sale to Chappal Energies, impacting the French oil major's debt repayment strategy. TotalEnergies aimed to sell a minority stake in a Nigerian onshore oil producer to focus on offshore gas projects.

The deal with Chappal Energies included interests in licenses and assets. Despite initial approval in July, the NUPRC withdrew it due to financial and regulatory non-compliance within the stipulated timeframe.

This setback leaves the transaction in uncertainty, affecting TotalEnergies' plans in Nigeria's upstream sector.