The Special Adviser to the President on Energy, Olu Verheijen, has expressed confidence in the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) ability to resolve issues surrounding Shell’s proposed sale of its onshore assets to the Renaissance consortium.
Verheijen emphasised that President Bola Ahmed Tinubu’s administration is focused on accelerating the strategic shift of international oil companies (IOCs) from onshore operations to deep offshore and gas businesses, highlighting a government commitment to facilitating this transition.
Speaking at the launch of the ‘1mmbopd’ project marking NUPRC’s third anniversary, Commission Chief Executive Engr. Gbenga Komolafe revealed government approval for four divestment deals, including ExxonMobil’s sale of Mobil Producing Nigeria Unlimited to Seplat Energy. Verheijen noted the significant progress in the approval of divestment deals, reflecting an improvement in the regulatory process and speed of transaction closures.
Also read: Nigeria issues licences to boost modular refinery capacity and downstream growth
Verheijen stressed the importance of IOCs’ technical expertise and capital in unlocking value in deep offshore and gas sectors, while underscoring the need for independent onshore players to have the capacity to increase production. She also pointed to the Tinubu administration’s efforts to attract investors through policies that address investment challenges, such as security concerns and fiscal incentives.
The government’s objective, she explained, is to ensure Nigeria remains competitive as an investment destination, through rebalancing revenue-sharing models and providing incentives to international and domestic operators alike, fostering a more attractive climate for energy sector investments.
