NUPRC to IOCs: Compensate host communities for prompt approval of divestment

The Nigerian Upstream Petroleum Regulatory Commission says international oil companies ready to divest can obtain prompt approval if they compensate host communities.industry meeting on divestment in Abuja on Friday.

Komolafe said a short-term option for faster approval would entail companies committing to clean up spills and compensating communities.“If you agree to take that option, you sign the undertaking knowing that there are obligations to be fulfilled.”“Our regulatory goal is to ensure that parties in the divestment process conform to the approved divestment guidelines,” he said.

“Furthermore, we must ensure that the inherent environmental, host communities and end-of-life liabilities, i.e. decommissioning liabilities, are accurately identified and assigned to the party best equipped to bear the associated risks.” This, Komolafe said, requires a comprehensive understanding of regulatory requirements, industry best practices, and the unique challenges associated with oil and gas operations.acquire 100 percent of Eni’s sharesClick on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Source: News Formal (newsformal.com)

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