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The NUPRC boss said the commission would safeguard jobs and ensure the transfer of skills from the IOCs to the indigenous companies acquiring the assets formerly owned by the foreign investors.

“Regarding the workforce in this transition era, the commission is committed to safeguarding jobs and ensuring the transfer of skills from IOCs to indigenous companies,” Komolafe had said.

Speaking on the NUPRC’s mandate, he stressed that the commission is creating a regulatory environment that promotes investment, fosters innovation and ensures the responsible stewardship of Nigeria’s natural resources.

According to him, a comprehensive divestment framework has been implemented to guide asset divestment in the upstream petroleum sector, focusing on technical capacity, financial strength, and legal considerations, among others.

Komolafe, who was represented by the NUPRC Executive Commissioner for Development and Production, Mr Enorense Amadasu, acknowledged that the divestment of IOCs from Nigeria’s upstream oil and gas sector is a subject that has sparked considerable debate within the industry.

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