Shell Plc has reportedly reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion.
Daily Report Nigeria reports that the deal is pending, awaiting government approval.
Shell’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed this in a statement on Tuesday.
Highlighting the significance of the deal, Yujnovich emphasized the company’s focus on streamlining its portfolio and directing disciplined investments towards deepwater and integrated gas ventures in Nigeria.
The move aligns with Shell’s strategic objective to exit the challenging operating environment in the Niger Delta region.
In addition to the initial sum, Shell anticipates receiving extra payments of up to $1.1 billion.
The purchasing consortium, named Renaissance, comprises ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.