Shell Strikes Deal to Sell All Onshore Nigerian Oil Assets for $2.8bn

Consortium of four indigenous firms, one foreign coy to take over operations

Emmanuel Addeh in Abuja

Oil giant, Shell, has agreed to sell its Nigerian onshore assets to Renaissance, a  consortium of four Nigerian firms and one foreign company, for a consideration of $2.8 billion.

A statement from the London office of Shell on Tuesday, said that with the deal, its onshore subsidiary, the Shell Petroleum Development Company of Nigeria (SPDC), will now be operated by ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.

However, Shell stated that the completion of the deal is still subject to approval by the Federal Government.

Shell, which has operated in Nigeria for over six decades, noted that its offshore and deep water operations will continue in the country.

According to the global oil and gas company, the transaction will preserve the full range of SPDC’s operating capabilities, including its management and staff.