Nigeria TV Info — NUPRC Revokes Approval of TotalEnergies’ $860 Million Asset Sale to Chappal Energies

Abuja, Nigeria — The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that TotalEnergies’ planned sale of a minority stake in a Nigerian onshore oil producer has failed, marking a significant setback to the French oil giant’s strategy to divest mature, high-pollution assets and reduce debt.

TotalEnergies had earlier reached an agreement to sell its 10 per cent stake in the Shell Petroleum Development Company (SPDC) joint venture in Nigeria to Mauritius-based Chappal Energies, in a deal valued at approximately $860 million. The stake included interests in several oil-producing licenses and gas assets.

The divestment was part of TotalEnergies’ broader plan to scale back onshore oil operations — a sector plagued by theft, vandalism, and community disputes — and focus instead on offshore and gas projects, especially those linked to Nigeria LNG. For Chappal Energies, the acquisition would have meant taking over both the rights and obligations in the licenses, marking a major entry into Nigeria’s upstream oil sector.

However, the deal has encountered regulatory hurdles. Although the NUPRC initially approved the transaction in July, it has now revoked the approval, citing the failure of both parties to meet certain financial and regulatory requirements within the stipulated timeframe. The revocation has thrown the deal into uncertainty, leaving TotalEnergies and Chappal Energies awaiting clarification on the next steps in one of Nigeria’s most high-profile oil sector transactions.