TotalEnergies/Chappal Deal: NUPRC opens up on Status

By emmanuel MALAGU

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has clarified the Status of the TotalEnergies and Chappal Energies Deal which first received a Ministerial Consent on October 28, 2024.

Eniola Akinkuotu, Head, Media and Strategic Communications, NUPRC, in a Statement, said the clarification was imperative in view of Media Enquiries.

The NUPRC had on October 28, 2024 conveyed a Ministerial Consent for the transfer of TotalEnergies’ 10 per cent Participating Interest in the Nigerian National Petroleum Company Limited (NNPC Limited), and Shell Petroleum Development Company (SPDC) Joint Venture.

The Consent excluded OMLs 23, 28 and 77 – to Telema Energies Nigeria Limited (owned by Chappal Energies).

Specifically, this Divestment involved TotalEnergies’ 10 per cent Participating Interest in Oil Mining Leases (OML) 20, 21, 22, 23, 25, 27, 28, 31, 32, 33, 35, 36, 43, 45, 46, 74, 77 and 79.

However, months after the Approval, Chappal Energies failed to consummate the Deal in spite extensions granted by the Commission.

Subsequently, the Ministerial Consent for the Deal was withdrawn on May 29, 2025.

Also, the withdrawal of a Ministerial Consent does not in any way rule out the possibility of a Future Divestment by the Interested Parties provided such an Asset Sale is in line with Extant Laws.

The NUPRC affirmed that in line with Section 6(h) of the Petroleum Industry Act, it remains committed towards promoting an Enabling Environment for Investments in the Upstream Petroleum Operations.

Credit NAN: Texts excluding Headline