Nigeria — Nigerian Upstream Petroleum Regulatory Commission & Shell plc

Nigeria — Nigerian Upstream Petroleum Regulatory Commission: The NUPRC is the regulator overseeing the sector, projecting significant investment and approving field development plans. The framework enhances its ability to attract investment.

Shell plc: SNEPCo launched a $3 billion contract financing programme to support Nigerian contractors, demonstrating Shell's commitment to local content.

Nigeria — Nigerian Upstream Petroleum Regulatory Commission: NUPRC reported Nigeria's crude oil production rose to 1.56 million bpd in June 2026, the highest since April 2020, reflecting improved security and reforms.

Shell plc: Shell is the primary beneficiary of the tax credit, which reduces its production costs and facilitates a final investment decision on the Bonga Southwest Aparo project, a key deepwater asset.

Nigeria — Nigerian Upstream Petroleum Regulatory Commission: Nigeria — Nigerian Upstream Petroleum Regulatory Commission is the regulator responsible for approving the sale of the oil asset and verifying Vaaris's technical and financial expertise, but its focus on environmental remediation is questioned.

Shell plc: Shell plc previously operated the SPDC asset and has divested its stake due to oil spills and theft, even loaning funds to the buyer to complete the sale.