Shell Plc has agreed to sell its Nigerian onshore oil assets to a consortium of local companies for more than $1.3 billion.
Gatekeepers News reports that upon the government’s approval, the transaction would fulfil Shell’s long-term goal of extracting itself from a challenging operating environment in the Niger Delta region.
Also, beyond the initial price tag, Shell said it will receive additional payments of as much as $1.1 billion.
In a statement on Tuesday, Integrated Gas And Upstream Director, Zoe Yujnovich, said, “This agreement marks an important milestone for Shell in Nigeria.”
Yujnovich added that the deal is “simplifying our portfolio and focusing future disciplined investment in Nigeria on our deepwater and integrated gas positions.”
According to the statement, the buyer of the asset, known as Renaissance, is a consortium formed of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.
