Nigeria greenlights TotalEnergies deal with Shell, Agip

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) signed off on a sales purchase agreement (SPA) by TotalEnergies to assign its entire 12.5% contractor interest in Oil Mining Lease (OML) 118 to Shell and Agip. According to the details of the agreement, TotalEnergies will transfer 10% of its interest to Shell, while Agip will receive the remaining 2.5%.

The Commission noted that Shell and Agip will bear the decommissioning and abandonment liabilities owed by TotalEnergies to Nigeria with respect to the divested interest. The Commission therefore expects Shell and Agip to pay 5% and 2% respectively of the transaction purse for ministerial consent and processing fees.