The Federal Government announced the completion of oil asset transactions including the Nigerian Agip Oil Company, NAOC, and Oando, as well as Equinor-Project Odinmim divestments.

This was disclosed by the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe at the ongoing NOG Energy Week in Abuja on Wednesday, according to Vanguard.

He noted that the signing ceremonies for the two transactions would take place in the following days.

Komolafe also mentioned the Shell Petroleum Development Company – RENAISSANCE $2.4 billion transactions, emphasizing that great progress had been achieved in the $1.2 billion sale of ExxonMobil downstream assets to Seplat Energy.

He said, “For some of you who were at the panel session on Monday, the Chairman of IPPG (Independent Petroleum Producers Group) raised issues about the need for us to give updates on the divestments programmes on-going. Now, I am here to give you a real-time update on the four major divestments in Nigeria.

“The NAOC-Oando divestment has been concluded the signing ceremony will come up any moment.

“The EQIONOR – PROJECT ODINMIM project divestment was also completed. For the SPDC – RENAISSANCE deals, documents have been submitted. Those documents are undergoing due diligence as we speak.”

Speaking about the potential of Nigeria’s deep offshore, he stated: “And for us in Nigeria, our deep offshore accounts for 43% of our total oil reserve. Also, our total international oil production, our deep offshore accounts for 30% of our daily production. And of the total world development, the deep offshore contributes 60% of the entire world.

“So the impact of this is that our deep offshore in Nigeria is very, very proficient, very prolific. Aside from the ease of exploring, the Nigerian deep offshore is equally an issue that I’m going to mention as relevant to the topic that we are discussing.”

Komolafe stated that, while the regulator is not in a position to launch a “war” on low oil output, it will continue to ensure that operators follow industry regulations.

Meanwhile, the Executive Vice President, of Upstream, NNPC Limited, Mrs. Oritsemeyiwa Eyesan, said “We had very robust discussions with the International Oil Companies, IOCs, and the strategy was to let us align our interests, conclude with the IOCs and amend the prerequisite agreements that need to be amended. Today, I am happy to announce that we are at the point of finalizing these discussions.”