Amid Legal Battles, Shell Moves to Dispose Nigerian Oil Exploration Business in $2.4B Deal
The energy giant instructed Clifford Chance on deal, which will end more than 80 years of Shell's exploration in Nigeria's oil-rich Niger Delta region.
January 19, 2024 at 05:06 PM
3 minute read
Shell gas station and service center in Baltimore, MD. August 18, 2020. Photo: Diego M. Radzinschi/ALM
Shell has announced the sale of its subsidiary responsible for oil exploration in Nigeria, which is a defendant in multiple oil spill claims and other related matters against the company.
The oil giant said that it will be selling Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five companies, for $2.4 billion.
The transaction, contingent on approval from regulators, will end Shell's over 80 years of exploration in Nigeria's oil-rich Niger Delta region as the company plans to focus more on managing deepwater and gas operations.
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