By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Shell Debunks Sale of $1.3bn Onshore Oil Assets 
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Shell Debunks Sale of $1.3bn Onshore Oil Assets 

Business

Shell Debunks Sale of $1.3bn Onshore Oil Assets 

Olaitan Sodiq
Olaitan Sodiq
Published: June 8, 2025
Last updated: June 8, 2025
2 Min Read
Share
Shell Set to Return to Delta
SHARE

 

The Shell Petroleum Development Company of Nigeria Limited (SPDC) has denied claims that it sold its onshore oil assets to Renaissance Consortium for $1.3 billion.

In an affidavit filed on May 24, 2024, SPDC’s legal team stated that the company “did not sell its onshore assets and facilities in Nigeria to anyone.”

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

This development is part of an ongoing legal battle between SPDC, Global Gas and Refining Limited, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Global Gas and Refining Limited had sought an injunction to prevent NUPRC from approving the sale of SPDC’s assets, alleging that Shell had failed to supply wet gas to it as agreed in a 2002 Gas Processing Agreement.

However, SPDC’s legal team argued that the dispute between the companies is already before the Supreme Court for final determination.

“The share sale transaction did not and will not affect the 1st Respondent’s 30 percent participating interest in eighteen (18) Oil Mining Leases (“OML”) that are currently part of the 1st Respondent’s Joint Venture,” said Mr. Kingsley Osuh, a member of SPDC’s legal team.

Osuh added, “The sale of the shares held by the shareholder of the 1st Respondent neither impacts the 1st Respondent’s continued corporate existence as a Nigerian registered company nor its assets.”

This latest development comes after Shell agreed to sell its onshore subsidiary, SPDC, to Renaissance Consortium for up to $2.4 billion in January last year.

READ ALSO: Shell’s Contribution to NDDC Hits $142.5m in 2023

“The dispute between our company and Globus Gas is already before the Supreme Court for final determination,” Osuh said.

Global Gas and Refining Limited’s Executive Chairman, Mr. Kenneth Yelowe, had earlier stated that unless the court grants an order temporarily safeguarding the “assets” in dispute from being sold, its 2002 business deal with Shell may be jeopardized.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:Shell
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

6 Dead, 3 Missing As Navy Gunboat Capsizes In Delta State | Daily Report Nigeria
6 Dead, 3 Missing As Navy Gunboat Capsizes In Delta State
News
Club World Cup: PSG Set up Semi Final Battle With Madrid as Bayern, Dortmund Bow Out | Daily Report Nigeria
Club World Cup: PSG Set up Semi Final Battle With Madrid as Bayern, Dortmund Bow Out
Sports
WAFCON 2024 Kicks Off in Morocco as Twelve Nations Battle for African Glory | Daily Report Nigeria
WAFCON 2024 Kicks Off in Morocco as Twelve Nations Battle for African Glory
Sports
Nigeria Immigration Declares Amnesty for Foreigners With Expired Visas | Daily Report Nigeria
Nigeria Immigration Declares Amnesty for Foreigners With Expired Visas
Business
PDP Reconciliation Chairman Quits Party, Joins ADC | Daily Report Nigeria
PDP Reconciliation Chairman Quits Party, Joins ADC
Politics

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

FG Summons Dangote, Bua, Others Over Rising Price of Cement
Business

Reps Issue 14-day Ultimatum to Dangote, Bua, Others

June 2, 2025
Naira Hits Low of N1,689.88 as FX Liquidity Plummets by 77% | Daily Report Nigeria
Business

Naira Hits Low of N1,689.88 as FX Liquidity Plummets by 77%

June 13, 2025
NNPC Announces New Template For Fuel Price in Nigeria
Business

Fuel Price Surge Forces 10,000 Oil Dealers to Consider Shutdown

June 12, 2025
Dangote refinery
Business

Marketers Reject Dangote’s Direct Supply Scheme, Warn of Shutdown

June 17, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?