The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has blocked the $1.3 billion sale of onshore oilfields to the Renaissance Group, stating that the buyer is not qualified to manage the assets.
Shell, which owns the assets via Shell Petroleum Development Company (SPDC), said it was providing NUPRC with all the required information.
However, NUPRC declined to approve the sale on the grounds the Renaissance consortium could not show it could manage the assets, the report notes.
According to the report, the NUPRC has communicated its decision to all the parties.
A Shell spokesperson stated that the company is in active communication with the government regarding the approval of SPDC’s sale and will continue supplying the regulator with all necessary information to complete the process.
