Shell agrees to sell its Nigeria onshore oil business for $2.4bn

LONDON: Shell has agreed to sell its Nigerian onshore oil and gas subsidiary in Nigeria to Renaissance, a consortium of five companies, for up to $2.4 billion, the British company said on Tuesday.

Shell will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.

Renaissance is made up of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.

Shell Petroleum Company intends to sell its stake in Shell Pakistan

Shell has sought to sell its Nigerian oil and gas business, which has been plagued by spills and theft for years, since 2021.