NUPRC denies giving approval for Shell International’s assets sale

Benjamin Orisemeke

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says it has not accepted Shell International Plc’s bid to sell its onshore assets to Renaissance.

The transaction for the assets is valued at $1.3 billion.

In a statement signed by Head, Public Affairs and Corporate Communication, Mrs Olaide Shonola of NUPRC, and titled: ‘Re-Boon for Nigeria as Shell’s $1.3bn assets sale gets regulatory nod’, the Commission said the report did not come from it.

“The attention of the has been drawn to a publication in the Businessday 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 Commission.

“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.

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