NUPRC denies approving Shell’s $1.3 billion asset sale to Renaissance

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has denied a report that it has granted Shell International’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion.

The Spokesperson of NUPRC, Olaide Shonola, disclosed this in a statement on Wednesday.

The commission’s clarification comes amid a report that it has granted regulatory approval to the acquisition deal.

However, NUPRC stated that the information contained in the publication did not emanate from it.

“The attention of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has been drawn to a publication in the media of September 11, 2024, purporting that the Commission has accepted Shell International Plc’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3 billion.

“As part of the Commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time.

“Industry stakeholders and the general public are advised to disregard the publication as it is baseless,” NUPRC stated.

Recall that in January this year, Shell announced the sale of its onshore subsidiaries to Renaissance.

However, for over seven months, the acquisition deal has not received regulatory approval.