Shell Announces Agreement to Sell Nigeria Onshore Oil Business for $2.4 Billion

On Tuesday, Shell announced its agreement to sell its Nigerian onshore oil and gas subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium consisting of five companies, for up to $2.4 billion.

According to the statement, Shell will receive $1.3 billion as the main consideration for the sale, with the buyers making an additional payment of up to $1.1 billion, relating to prior receivables, upon completion of the transaction.

Renaissance, the acquiring consortium, comprises ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.

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The decision to sell the Nigerian oil and gas business aligns with Shell’s strategy since 2021, as the company has been aiming to divest its assets in Nigeria, where issues like spills and theft have long been challenges for its operations.