(3 Minutes Read)
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of the divestment deals between Nigeria Agip Oil Company and Oando Plc, as well as that of Equinor and Project Odinmim, which are jointly worth about USD 1.5 billion.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the completion of the divestment deals between Nigeria Agip Oil Company and Oando Plc, as well as that of Equinor and Project Odinmim, which are jointly worth about USD 1.5 billion. The Chief Executive Officer of NUPRC Gbenga Komolafe gave an update on the USD 2.4bn Shell Petroleum Development Company and Renaissance divestment deal, as well as the USD 1.2bn ExxonMobil and Seplat deal.
In June 2024, the country’s functional oil rigs increased to 34, and that a total of 31 oil blocks were currently on offer for bidding in the 2024 Licensing Round through the Nigerian Upstream Petroleum Regulatory Commission, an agency of the Federal Government. The NAOC-Oando divestment has been concluded. The signing ceremony is to be conducted in the coming days. The Equinor-Project Odinmim divestment has also been completed. The Nigerian rig count has increased progressively and if you compare from 2019 up to 2022, at a point the rig count decreased to about 10 rigs, but today the situation has improved tremendously.
Read Also:
https://trendsnafrica.com/nigeria-lures-international-investors-for-12-new-oil-blocks/
https://trendsnafrica.com/nigerias-extractive-industry-earns-n14-38-trillion/
The NUPRC has currently put on offer a total of 31 blocks, and that exercise commenced on April 29, 2024, and the registration exercise will close in about 48 hours from now, which is precisely by midnight of Friday, July 5, 2024.
