Shell Exits Oil Exploration In Nigeria, Sells Off Onshore Subsidiary

Shell Group has announced that it has reached an agreement to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance as it exits its oil exploration in Nigeria.

Announcing the development in a statement made available on its official website, the oil giant detailed that it was selling its onshore subsidiary to a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group.

“Shell has reached an agreement to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group. Completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions,” the statement released on its official website read.

Speaking on the development Shell’s Integrated Gas and Upstream Director Zoë Yujnovich, said the agreement is an important milestone for Shell Nigeria. He detailed that the decision to divest was taken to allow it focus on its investment in Nigeria water.

Naija News recalls that Shell in July 2022 suspended the divestment of its interest in Nigeria subsidiary-Shell Petroleum Development Company.

The Managing Director of SPDC and Chairman, Osagie Okunbor, in a statement, said the sale of the assets had been put on hold pending the outcome of its appeal at the Supreme Court.