Shell Plc has formalized an agreement for the divestment of its Nigerian onshore oil assets to a local consortium for a sum exceeding $1.3 billion, subject to regulatory approval.
Zoe Yujnovich, Shell’s Integrated Gas and Upstream Director, officially confirmed the transaction in a statement released on Tuesday. Yujnovich underscored the strategic importance of this arrangement, emphasizing the company’s commitment to optimizing its portfolio and channeling prudent investments toward deepwater and integrated gas projects in Nigeria.
The decision to divest aligns seamlessly with Shell’s overarching strategic objective to withdraw from the demanding operational landscape of the Niger Delta region. In conjunction with the initial consideration, Shell foresees potential additional payments totaling up to $1.1 billion. The acquiring consortium, known as Renaissance, comprises ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.
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