Nigeria, Sept. 24 -- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has cancelled the approval for TotalEnergies $860 million asset sale to Chappal Energies.

The NUPRC's Head of Media and Strategic Communications, Eniola Akinkuotu, told PREMIUM TIMES Wednesday morning that Chappal failed to raise the fund, and as a result TotalEnergies did not fulfil its requirement to pay regulatory fees and cover funds for environmental rehabilitation and future liabilities.

"The ministerial consent was accompanied by certain financial obligations to the Nigerian people with strict deadlines. However, both parties failed to meet their financial commitments after repeated extensions, forcing the commission to cancel the deal," Mr Akinkuo...