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Status-quo remains on share sales by ExxonMobil to Seplat Energy – NUPRC

THE Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed  that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition. 

 NUPRIC gave the affirmation today in a press statement issued by its Chief Executive, Engr. Gbenga Komolafe while responding to media enquiries on latest development about the transaction.

According to Komolafe, the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector. 

He said, “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 affirms that the status quo remains. 

“The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector,” he added.

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