Shell sells Nigerian oil assets for over $1.3bn to local consortium

MG News | January 16, 2024 at 02:53 PM GMT+05:00

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January 16, 2024 (MLN): Shell Plc agreed to sell its Nigerian onshore oil assets to a consortium of local companies for more than $1.3 billion, as Bloomberg reported.

If approved by the government, the transaction would fulfill Shell’s long-term goal of extracting itself from a challenging operating environment in the Niger Delta region.

Beyond the initial price tag, Shell said it will receive additional payments of as much as $1.bn.

“This agreement marks an important milestone for Shell in Nigeria,” Zoe Yujnovich, integrated gas and upstream director, said in a statement on Tuesday as reported by Bloomberg.

The deal is “simplifying our portfolio and focusing future disciplined investment in Nigeria on our deepwater and integrated gas positions”

The buyer of the asset, known as Renaissance, is a consortium formed of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin, according to the statement.

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