Shell exits Nigeria's onshore for $2.4 billion

Shell exits Nigeria’s onshore for $2.4 billion

LAGOS, January 16, 2024 – Shell has sold its Nigeria onshore operations to a consortium of local players for up to USD 2.4 billion, the company announced on Tuesday.

The move will allow the company to focus on deepwater and integrated natural gas operations.

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The energy giant’s local joint venture, Shell Petroleum Development Company (SPDC), was acquired by a consortium known as Renaissance, which includes ND Western, Aradel Energy, FIRST E&P, Waltersmith and Petrolin.

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The deal involves an initial consideration of USD 1.3 billion, to be followed by as much as USD 1.1 billion in additional cash payments. It remains subject to full government approval.

SPDC holds 15 oil mining leases for petroleum operations onshore and three licences for shallow-water petroleum operations.

The divestment reflects the recent trend of IOCs exiting Nigeria’s onshore and shallow-water assets to focus on more secure operations in the deepwater.

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