The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently issued a statement that delineates the ownership protocols for oil and gas assets in Nigeria. Addressing widespread assumptions and confusions, the committee stressed that these formidable resources can only be legally owned and managed under specific circumstances.
1. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued a statement clarifying the ownership protocols for oil and gas assets in Nigeria.
2. The NUPRC confirmed that the resources can only be legally owned and managed under specific situations, dismissing widespread confusions and assumptions.
3. They also emphasized that any form of acquisition or privatization of oil and gas assets would have to get through a detailed process of regulatory approvals.
4. Potential buyers of these assets are required to meet strict criteria, including financial capability, technical expertise, and a commitment to environmental conservation.
5. The statement put to rest any rumors concerning the unauthorized transfer of ownership rights of oil and gas assets in Nigeria.
According to the Nigerian Petroleum Industry Act 2021, only companies incorporated in Nigeria can acquire and hold interests in petroleum prospects.
The NUPRC further highlighted that any form of acquisition or privatization of the said assets would have to go through a rigorous process of regulatory approvals. Indeed, potential asset buyers would be required to meet stringent criteria to ensure financial capability, technical expertise, and commitment to environmental stewardship. This clarification dispels any rumors surrounding the possibility of unauthorized transfer of ownership rights of oil and gas assets in Nigeria.