Categories: Economy And Business Headline

BREAKING: Shell Set To Sell Nigeria Onshore Oil Business For $1.3 Billion

Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval.

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Shell is set to sell Nigeria Onshore Oil Business for $1.3 Billion.

 

NewsOnline Nigeria reports that Shell Plc has reached an agreement to sell its Nigerian onshore oil assets to a local consortium for over $1.3 billion, pending government approval.

 

This Nigeria news platform understands that Shell’s Integrated Gas and Upstream Director, Zoe Yujnovich, confirmed this in a statement on Tuesday, where he highlighted the significance of the deal, emphasizing the company’s focus on streamlining its portfolio and directing disciplined investments towards deepwater and integrated gas ventures in Nigeria.

 

SEE ALSO: CCB Confirms Invitation Of Embattled Interior Minister, Tunji-Ojo Over N438 Million Contract

 

This 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.

 

Details Shortly…………..

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