The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) organized a due diligence workshop wherein interested parties discussed the planned disposal of Shell Petroleum Development Company of Nigeria Limited (SPDC)’s participating interests in the SPDC JV Assets.

The sale of the petroleum assets to Renaissance Africa Energy Company Limited (Renaissance) represents a noteworthy step forward in Nigeria’s petroleum industry.

According to him, the workshop aims to identify a successor with the financial resources and technical expertise to manage the assets responsibly. Key considerations include the assessment of environmental liabilities, adherence to regulatory requirements, and industry best practices. He also noted that NUPRC emphasizes its commitment to a free entry, free exit business principle, fostering a stable regulatory framework conducive to investment.

Engr. Komolafe further highlighted that NUPRC has developed a comprehensive Divestment Framework consisting of seven cardinal pillars. These pillars encompass technical capacity, financial viability, legal compliance, decommissioning obligations, host community engagement, labor relations, and data repatriation. Each aspect is meticulously assessed to safeguard national interests and ensure a seamless transition.

As a business enabler, the CCE stated that, NUPRC extends a warm welcome to both local and international investors interested in Nigeria’s Upstream petroleum sector, noting that investment is seen as a catalyst for innovation, job creation, and economic prosperity.