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.
According to Bloomberg, 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 anticipates collecting additional payments of up to $1.1 billion in addition to the initial sum.
The Renaissance purchasing consortium includes ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.
