NUPRC denies approving Shell’s onshore assets sale to Renaissance

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied approving the divestment of Shell’s onshore assets to Renaissance consortium.

Reports had claimed that the NUPRC had accepted Shell’s bid to sell its onshore assets to Renaissance, and the transaction was awaiting approval by President Bola Tinubu.

Responding to the claims in a statement on Wednesday, the upstream regulator said the report was baseless.

“It must be firmly stated that the information contained in the publication did not emanate from the commission,” the NUPRC said.

“As part of the commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time.

“Industry stakeholders and the general public are advised to disregard the publication as it is baseless.” 

On January 16, the British oil major announced plans to sell its Nigerian onshore assets to Renaissance — a consortium of local companies — for about $1.3 billion.

Shell said the completion of the transaction was subject to approvals by the federal government.

In July, the NUPRC said it was still in the process of scrutinising the transaction.

The regulator said “documents have been submitted” and “those documents are undergoing due diligence”.