- Shell said it will receive additional payments of as much as $1.1 billion.
- Since 2021, Shell has actively pursued the sale of its Nigerian oil and gas business.
Shell Plc has agreed to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval.
Zoe Yujnovich, Shell’s Integrated Gas and Upstream Director, highlighted the deal’s significance on Tuesday, emphasising the company’s focus on streamlining its portfolio and directing disciplined investments towards deepwater and integrated gas ventures in Nigeria.
This move is in line with Shell’s strategic objective to exit the challenging operating environment in the Niger Delta region.
In addition to the initial sum, Shell expects to receive additional payments of up to $1.1 billion. The purchasing consortium, named Renaissance, includes ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.