NUPRC withdraws Chappal Energies’ acquisition of 10% TotalEnergies equity in SPDC JV
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has clarified the status of the TotalEnergies and Chappal Energies deal, saying the ministerial consent for it on Oct. 28, 2024 was withdrawn on May 29, 2025.
Mr Eniola Akinkuotu, Head, Media and Strategic Communications, NUPRC, in a statement on Thursday, said the clarification was imperative in view of some media enquiries.
The NUPRC had on Oct. 28, 2024 conveyed a ministerial consent for the transfer of TotalEnergies’ 10 per cent participating interest in the Nigerian National Petroleum Company Limited (NNPC Ltd.), and Shell Petroleum Development Company (SPDC) joint venture.
The consent excluded OMLs 23, 28 and 77 – to Telema Energies Nigeria Limited (owned by Chappal Energies).
Specifically, this divestment involved TotalEnergies’ 10 per cent participating interest in Oil Mining Leases (OML) 20, 21, 22, 23, 25, 27, 28, 31, 32, 33, 35, 36, 43, 45, 46, 74, 77 and 79.
However, months after the approval, Chappal Energies failed to consummate the deal in spite extensions granted by the Commission.
Subsequently, the ministerial consent for the deal was withdrawn on May 29, 2025.
Also, the withdrawal of a ministerial consent does not in any way rule out the possibility of a future divestment by the interested parties provided such an asset sale is in line with extant laws.
The NUPRC affirmed that in line with Section 6(h) of the Petroleum Industry Act, it remains committed towards promoting an enabling environment for investments in the upstream petroleum operations.
