Shell announces that it has reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to the Renaissance consortium of five companies, including four Nigerian-based exploration and production companies and an international energy group.

Completion of the transaction is subject to the approval of the Federal Government of Nigeria.

The transaction has been designed to preserve SPDC's full operational capabilities after the change of ownership, says Shell.

Shell adds that it will retain a role in supporting the management of the SPDC JV facilities that supply a significant proportion of the feed gas to Nigeria LNG (NLNG), in order to help Nigeria make the most of NLNG.

'We will continue to support the country's growing energy needs and export ambitions in areas aligned with our strategy', said Zoë Yujnovich, Shell's Director for Gas and Upstream.

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