Shell Plc has agreed to sell its Nigerian onshore oil assets to a local partnership for more than $1.3 billion, subject to government permission.
Shell’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed the deal in a statement on Tuesday, emphasizing the company’s focus on streamlining its portfolio and directing disciplined investments towards deepwater and integrated gas ventures in Nigeria.
This action is consistent with Shell’s strategic goal of exiting the difficult operating environment in the Niger Delta region. Shell expects collecting additional payments of up to $1.1 billion in addition to the initial cash. The Renaissance buying consortium consists of ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.
This is a developing story more details later……
