The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved a $510 million Sales Purchase Agreement (SPA) involving TotalEnergies Exploration and Production Nigeria Limited, Shell Nigeria Exploration and Production Company (SNEPco), and Nigerian Agip Exploration Limited (NAE).
According to Mediaplusng.com, the agreement allows TotalEnergies to transfer its entire 12.5% contractor interest in Oil Mining Lease (OML) 118. Under the deal, SNEPco will acquire 10% at a value of $408 million, while NAE will take 2.5% for $102 million.
In a statement released on Thursday, September 25, 2025, NUPRC said the approval followed Section 95 of the Petroleum Industry Act (PIA) 2021, after due diligence confirmed the financial and technical capacity of the acquiring firms. The regulator also confirmed that TotalEnergies had paid the statutory application fees required for the transaction.
Mediaplusng.com reports that NUPRC highlighted that SNEPco and NAE will now take over the decommissioning and abandonment liabilities previously owed by TotalEnergies to the Federal Government of Nigeria. The Commission added that the deal is still subject to ministerial consent, in line with provisions of the Petroleum Industry Act.
NUPRC further explained that SNEPco and NAE are expected to pay 5% and 2% of the total $510 million transaction value as premium on ministerial consent and processing fees.
