Shell fails Divestment Regulatory Test as FG approves 4 Companies

The Federal Government has announced the approval of ExxonMobil’s $1.28bn Divestment of its Oil and Gas Assets to Seplat Energy and three other Divestments.

Gbenga Komolafe, Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced this at the Official Launch of its Project 1MMBOPD Initiative and Commemoration of 3rd Anniversary, under the Petroleum Industry Act (PIA 2021).

Komolafe also disclosed Approval of Divestments of Equinor Nigeria Energy Company Limited to Project Odinmin Investments Limited, Nigerian Agip Oil Company Limited to Oando Petroleum and Natural Gas Company Limited and TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited.

Komolafe disclosed that the Federal Government had processed five Divestment Applications but only four Applications were approved.

However, the Commission Chief Executive disclosed that the Divestment of Shell Petroleum Development Company Limited’s (SPDC) Onshore and Shallow Water Assets to Renaissance Africa Energy Company Limited could not scale Regulatory Test.

“We are happy today to announce the Status of Divestment Exercise conducted diligently by the Commission in line with the Provisions of the PIA.

“Out of the total of five Divestment Applications for Consent received by the Commission, a total of four (representing 80 per cent) passed Regulatory Test and secured Ministerial Consent.

“The Transactions are: Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited and Equinor Nigeria Energy Company Limited to Project Odinmin Investments Limited.

“Nigerian Agip Oil Company Limited to Oando Petroleum and Natural Gas Company Limited and TotalEnergies EP Nigeria Limited to Telema Energies Nigeria Limited,” he said.

Komolafe, who did not give reasons for Government’s decision to decline Shell-Renaissance Divestment, said Government was committed to ensure that all Transactions comply with the PIA.

He said the NUPRC, in operationalising the Assets Divestment Principle, developed seven
Regulatory Pillars to guide Divestment in the Upstream Oil Sector for sanity and protection of National Interest.

“Time will not permit us to reel out several other Technical, Operational, Commercial and Strategic Initiatives of the Commission which will be alluded to in other Segments of this Anniversary.

“We are indeed humbled by the accolades received in the past three years, but we are mindful not to rest on our oars.

“Our primary attention is focused on the Strategic View of the Future of the Industry – one of which is the realisation of the Government’s Mandate for Increased Production and Enhanced Federation Revenue,” he said.

ExxonMobil’s $1.28bn Divestment to Seplat Energy, marked a significant milestone in the Transaction first announced in February 2022 and expected to nearly quadruple Seplat’s Oil Output to over 130,000 Barrels per day. 

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I was once quarter deaf, Obasanjo explains reason behind Foundation

Former President Olusegun Obasanjo has said that he once suffered 25 per cent Hearing Loss without knowing it.

Obasanjo stated this in Bauchi on Sunday when he paid homage to the Emir of Bauchi, Rilwanu Suleiman-Adamu.

According to him, many People in the World are deaf without knowing it until they go for Medical Checks on their Hearing Capacity before it would be revealed to them.

He recounted that he was Abroad and couldn’t hear clearly when someone was talking to him, and insisted nothing was wrong with his Ears, and the man asked his permission to check on the Ears.

Obasanjo said the result of the Clinical Analysis showed he was 25 per cent deaf.

“After my result came out, I had to ask the man to also check on my Chief Security Officer then but shockingly enough, he was more deaf than I was,” he said.

This experience, he said, formed the creation of the Olusegun Obasanjo Foundation, adding that thousands of Nigerians had benefitted from its Ear Treatment and provision of Hearing Aids in partnership with Starkey Hearing Foundation.

The former President said he would inaugurate the Distribution of Hearing Aids targeting about 10,000 Indigent People in the North-East, starting from Bauchi State where 2,000 People would benefit.

He said the Exercise, tagged: ‘Sound Intervention Mission so Nigerians may hear’ would be implemented under the Obasanjo Foundation.

Obasanjo further said that all hands must be on the deck to tackle the Security Challenges in the Country.

Responding, Sulriman-Adamu said that Obasanjo’s presence in the State is a sign of his deep commitment toward the development and progress of all Regions in the Country.

Obasanjo was received by Governor Bala Mohammed, Ex-Governor Adamu Mu’azu, Abdul Ningi, and other top Government Functionaries.

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