The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has clarified the status of the proposed divestment between TotalEnergies and Chappal Energies.
NUPRC said ministerial consent was granted on October 28, 2024, for the transfer of TotalEnergies’ 10 per cent stake in the NNPC Ltd./SPDC joint venture, excluding OMLs 23, 28 and 77, to Telema Energies Nigeria Limited, owned by Chappal Energies. The deal covered interests in 18 oil mining leases, including OMLs 20, 21, 22, 25, 27, 31, 32, 33, 35, 36, 43, 45, 46, 74 and 79.
However, Chappal Energies failed to complete the transaction despite extensions, leading to a withdrawal of the consent on May 29, 2025.
The Commission stressed that the withdrawal does not foreclose future divestments, provided they comply with the Petroleum Industry Act, and reaffirmed its commitment to sustaining a friendly investment climate in the upstream sector.
