The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is auditing potentiality, including, both technical and financial standings of local oil firms currently itching to take over about 26 oil assets considered for divestment by International Oil Companies (IOCs).
The upstream oil industry regulator has revealed that four International Oil Companies (IOCs) are planning to divest from 26 oil blocks in Nigeria.
The ongoing due diligence by NUPRC is to ensure proper handing over as Nigeria targets to upscale its production to meet quota offered by the Organisation of Petroleum Exporting Countries(OPEC).
The IOCs that have signified intention to divest the fields are; the Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell Petroleum Development Company, who aim to transfer the ownership of these blocks to local firms.
This move is expected to significantly enhance national oil production and provide substantial benefits to various stakeholders in the energy sector. The decision of major IOCs to divest from oil blocks in Nigeria the NUPRC said signifies a strategic shift in their investment focus. By transferring ownership to local firms, these companies are not only complying with regulatory requirements but also fostering indigenous participation in the oil and gas industry.
