NUPRC faults reports on sale of asset by Shell

By Richard Elesho

The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has debunked reports that it hae accepted Shell International Plc’s bid to sell part of its assets to Renaissance Oil.

The commission clarified that information on the reported $1.3 billion transaction did not emanate from it, describing it as baseless.

The rebuttal, which was issued in a press statement signed by Mrs Olaide Shonola, Head, Public Affairs, and Corporate Communication of the apex regulator, urged the public to disregard the report assuring that the commission will communicate its position on the said transaction known at the appropriate time.

Captioned ‘Re-Boon for Nigeria, as Shell’s $1.3bn assets sale gets regulatory nod,’ the statement reads:

“The attention of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been drawn to a publication in the Busnessday of September 11, 2024, purporting that the Commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion.

“It must be firmly stated that the information contained in the publication did not emanate from the Comission.

“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.”