Nigeria Confident in NUPRC’s Role to Advance Shell’s Onshore Divestment Amid Strategic Shift to Offshore and Gas Ventures

President Bola Ahmed Tinubu’s administration has already implemented favourable fiscal policies aimed at attracting investments and strengthening Nigeria’s competitive position in the energy sector.

The Special Adviser to the President on Energy, Olu Verheijen, has voiced strong confidence in the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to resolve the remaining issues surrounding Shell’s proposed sale of its onshore assets to the Renaissance consortium. This move aligns with the Nigerian administration's commitment to repositioning the energy sector, particularly focusing on offshore and gas industries.

Speaking during NUPRC’s third-anniversary celebration, Verheijen highlighted the government’s strategic intent to expedite International Oil Companies (IOCs) transition from onshore operations to the deeper, high-value offshore and gas markets. "Our goal is to accelerate exits for IOCs wishing to focus on offshore and gas ventures," she stated. This transition is also part of Nigeria’s broader energy plan, which saw recent approvals for major divestments, including ExxonMobil’s sale of its assets to Seplat Energy.

President Bola Ahmed Tinubu’s administration has already implemented favourable fiscal policies aimed at attracting investments and strengthening Nigeria’s competitive position in the energy sector. Verheijen noted that previously low investment rates stemmed from security challenges and outdated fiscal incentives, factors the current administration has since addressed to foster a more investor-friendly environment.

According to Verheijen, unlocking value in Nigeria’s complex offshore and gas sectors will benefit from the technical expertise and capital that IOCs bring to the table. She also emphasized the importance of ensuring that local onshore operators have the capacity to drive production increases, aligning with the administration’s vision for energy expansion.

Verheijen concluded by noting that investor interest is steadily increasing, encouraged by recent policy reforms and Tinubu’s proactive approach to securing investor confidence and participation across Nigeria’s energy landscape.