British Multinational oil and gas company shell, is set to divest the Shell Petroleum Development Company of Nigeria Limited (SPDC), which holds onshore oil assets in the Niger Delta region of Nigeria.
The sale, valued at $1.3 billion, involves a consortium primarily composed of local energy entities including ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin.
Additional payments of up to $1.1 billion are anticipated and the completion of the transaction is contingent upon government approval.
According to Zoe Yujnovich, Director of Integrated Gas and Upstream at Shell, the deal simplifies the company’s portfolio and directs future strategic investments in Nigeria towards its Deepwater and Integrated Gas holdings.
Renaissance will take over a range of assets, including oil fields and infrastructure. The transaction marks a step in Shell’s ongoing efforts to reposition its portfolio toward sustainability and environmental responsibility.
