The transactions include the divestment of onshore oil and gas assets operated by Nigerian Agip Oil Company to Oando Plc, Mobil Nigeria Unlimited to Seplat Energy, Equinor ASA to Chappal Energies and Shell Petroleum Development Company to Renaissance Africa.
“The divesting companies will be required to issue an undertaking to retain the liabilities until confirmation of the release by the Commission of all or part of the retained liabilities. Engr. Komolafe noted that the first option would ensure that Ministerial consent is received before the end of June while the second option would see the deals concluded in August.Stop installation of new Aree-elect - Court orders Adeleke
“It is worth noting that a substantial part of the P3 reserves is located in or near producing assets. This means that a competent successor could easily mature them to 2P reserves. Additionally, the current average production from these blocks is 346,290 barrels per day , but the technical production potential is much higher – standing at 643,054 barrels .