May 30, 2024
JUST IN: Buhari takes side with NUPRC, NNPC on $1.3bn oil deal
FENRAD urges President Buhari to publish NDDC Forensic Audit Report
– By Godswill Odiong

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

By Eyo Nsima
Finally, President Muhammadu Buhari, has taken side with the regulator of Nigeria’s oil and gas industry, Nigerian Upstream Petroleum Regulatory Commission, NUPRC and the Nigerian National Petroleum Company Limited, over the sale of Mobil Petroleum Nigeria, MPNU assets.

Seplat Energy had earlier agreed to acquire the entire share capital of MPNU at the cost of $1.3 billion plus up to $300 million contingent consideration.

The Nigerian National Petroleum Company Limited had disagreed, arguing that as a partner, it should have been granted the right of first refusal in purchasing the assets, a position that was supported by NUPRC.

However, in taking side with NUPRU and NNPC Limited, the Presidency has ended the long race for the acquisition of the oil and gas assets, located offshore Akwa Ibom state.

Checks by The Daily, www.thedaily-ng.com indicated that the NNPC Limited would use the assets to build its capacity as one the biggest energy companies in Africa as provided for in the nation’s Petroleum Industry Act, PIA.

The NNPC Limited, currently prides itself as, “ a dynamic global energy company with businesses and operations across the entire spectrum of the energy value chain.”
.Details coming later

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top