Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revoked its earlier approval of TotalEnergies EP Nigeria Limited’s $860 million asset sale to Chappal Energies, a Mauritius-based oil and gas firm.
Gatekeepers News reports that Eniola Akinkuotu, spokesperson of the commission, confirmed the development, noting that the decision was taken after Chappal Energies failed to meet its financial obligations.
He said, “The NUPRC conveyed the withdrawal of ministerial consent to both parties after Chappal Energies failed to meet its financial commitment. This was after a series of extensions had lapsed.”
Back in July 2024, Chappal Energies announced it had reached an agreement to acquire TotalEnergies’ interest in the Shell Petroleum Development Company (SPDC) joint venture for $860 million.
Following the announcement, Chappal also revealed its intention to bring in new investors once the deal with TotalEnergies was completed.
On May 29, TotalEnergies disclosed that it had entered into another transaction: the sale of its 12.5 percent stake in Oil Mining Lease (OML) 118 production sharing contract (PSC) to Shell Nigeria Exploration and Production Company (SNEPCo) in a deal worth $510 million.
