The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved a Sales Purchase Agreement (SPA) that allows TotalEnergies Exploration and Production Nigeria Limited to divest its 12.5% contractor interest in Oil Mining Lease (OML) 118.
Under the deal, Shell Nigeria Exploration and Production Company (SNEPCo) will acquire 10% for $408 million, while Nigerian Agip Exploration (NAE) will take 2.5% for $102 million. According to the regulator, both companies demonstrated technical expertise, managerial competence, and financial capacity to meet operational and regulatory requirements.
In a statement signed by NUPRC spokesperson Eniola Akinkuotu, the Commission confirmed that the assignees would bear decommissioning, abandonment, and host community liabilities associated with the divested interest. It also noted that the transaction remains subject to ministerial consent under the Petroleum Industry Act (PIA) 2021.
The NUPRC added that SNEPCo and NAE must pay a combined 7% of the transaction value — 5% and 2% respectively — as premiums on ministerial consent and processing fees.
Meanwhile, the Commission clarified that its earlier withdrawal of ministerial consent for a separate TotalEnergies-Chappal Energies transaction does not prevent future divestments, provided all parties comply with regulatory requirements.
At the United Nations General Assembly (UNGA) 2025 in New York, Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, urged global investors to take advantage of new opportunities in the country’s “rapidly transforming” oil and gas sector.
Highlighting reforms under President Bola Tinubu, Lokpobiri said Nigeria’s energy sector had attracted billions of dollars in fresh investments after more than a decade of stagnation.
“Thanks to bold reforms and globally competitive fiscals, Nigeria has significantly ramped up production and repositioned itself as a dependable energy hub across West Africa and the continent,” the minister stated.
Lokpobiri stressed that the Petroleum Industry Act has created a robust, investor-friendly framework while affirming Nigeria’s commitment to energy transition efforts under the Paris Agreement.
“Our doors are open, our laws are clear, and our environment is conducive — now is the time for U.S. and global investors to become part of Nigeria’s energy success story,” he added.
