Nuprc Withdraws Approval For Totalenergies' 860 Million Asset Divestment

The Nigerian Upstream Petroleum Regulatory Commission has revoked its earlier approval for French oil major TotalEnergies to divest its minority stake in Shell Petroleum Development Company of Nigeria Limited, dealing a setback to the company's plans to shed aging assets and cut debt.

A report by Reuters on Tuesday said the rejection is a setback to the French oil major's strategy to sell mature, polluting assets and pay down debt.

The decision marks another twist in the ongoing wave of divestments by international oil companies seeking to exit onshore operations in Nigeria's Niger Delta, where security, environmental, and financial challenges have long undermined profitability.