In a statement on Tuesday, January 16, 2024, the British energy giant said it has \u201cReached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited.\u201d<\/p>\n
The company which pioneered Nigeria\u2019s oil and gas business in the 1930s is ready to sell its onshore business to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group.<\/p>\n
But the completion of the transaction according to the statement on the company\u2019s website is subject to approvals by the Federal Government of Nigeria and other conditions.<\/p>\n
It added that the transaction has been designed to preserve the full range of SPDC\u2019s operating capabilities following the change of ownership.<\/p>\n
\u201cThis agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions\u201d Zo\u00eb Yujnovich, Shell\u2019s Integrated Gas and Upstream Director said.<\/p>\n
\u201cIt is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria\u2019s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.<\/p>\n
\u201cShell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country\u2019s growing energy needs and export ambitions in areas aligned with our strategy.\u201d<\/p>\n
Shell has been active in Nigeria since 1937.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a statement on Tuesday, January 16, 2024, the British energy giant said it has \u201cReached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited.\u201d The company which pioneered Nigeria\u2019s oil and gas business in the 1930s is ready to sell its onshore business to Renaissance, a consortium […]<\/p>\n","protected":false},"author":20,"featured_media":14838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-14837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/14837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=14837"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/14837\/revisions"}],"predecessor-version":[{"id":14879,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/14837\/revisions\/14879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/14838"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=14837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=14837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=14837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}