The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that despite the acquisition of ExxonMobil shares by Seplat Energy, “status quo remains.”
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 was the sole regulator in dealing with such matters in the Nigerian upstream sector.
In a statement, Komolafe explained that: “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 affirmed that the status quo remains.
“The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”
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