Nigeria, Sept. 11 -- The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it has taken significant steps to safeguard the country's oil and gas sector by securing over $400 million in pre-sale decommissioning and abandonment liabilities through letters of credit and escrow accounts.

The NUPRC's Head of Media and Strategic Communications, Eniola Akinkuotu, in a statement, said its Chief Executive, Gbenga Komolafe, disclosed this while speaking at the Nigerian Extractive Industries Transparency Initiative (NEITI) Companies Forum, held in Lagos on Wednesday.

"Over $400 million in pre-sale decommissioning and abandonment liabilities have been secured through Letters of Credit and escrow accounts. Host Community Development Tru...