Status-Quo remains on share sale by ExxonMobil to Seplat Energy, says NUPRC

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.

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.

Signed
Engr. Gbenga Komolafe, FNSE

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