Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval.
In addition to the initial sum, Shell anticipates receiving extra payments of up to $1.1 billion.
Shell’s Director of Integrated Gas and Upstream, Zoe Yujnovich, confirmed this in a statement on Tuesday.
He highlighted the significance of the deal, while emphasizing the company’s focus on streamlining its portfolio and directing disciplined investments towards deepwater and integrated gas ventures in Nigeria.
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This move aligns with Shell’s strategic objective to exit the challenging operating environment in the Niger Delta region.
The Consurtium
The purchasing consortium, named Renaissance, comprises ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.