The Nigerian Upstream Petroleum Regulatory Commission has announced that it secured over 400m in pre-sale decommissioning and abandonment liabilities from recent oil asset divestments in a move to prevent Nigeria from inheriting costly environmental and financial burdens.
The Chief Executive of NUPRC, Gbenga Komolafe, disclosed this on Wednesday while speaking at the Nigerian Extractive Industries Transparency Initiative Companies Forum in Lagos.
Represented by the Commission's Deputy Director of Human Resources, Corporate Services and Administration, Efemona Bassey, Komolafe said the commission drew lessons from international divestment cases, including the North Sea, where decommissioning is projected at 27bn by 2032 the Gulf of Mexico, which has cost over 9bn and Canada's Alberta, where more than 97,000 inactive wells carry estimated decommissioning costs of between C30bn and C70bn.