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Shell Agrees Sale Of Onshore Oil Business In Nigeria For $2.4bn
Yinka Olajoyetan, Lagos
Shell has agreed to sell its onshore oil and gas subsidiary in Nigeria to Renaissance, a consortium of five companies, for up to $2.4 billion, the British company said on Tuesday.
Shell said in a statement on Tuesday that It will sell the Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.
Renaissance is made up of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.
Recall that Shell had sought to sell its Nigerian oil and gas business, which has been plagued by spills and theft for years, since 2021