…Sells assets at $1.3bn
After 85 years, British energy major, Shell Petroleum Development Corporation, (SPDC) has agreed to sell its Nigerian on-shore oil and gas subsidiary in Nigeria to a consortium of five, mostly local, companies for up to $2.4 billion.
Active in the West African country since the 1930s, Shell has struggled for years with hundreds of oil spills at its on-shore operations as a result of theft, sabotage and operational issues, which led to costly repairs and high-profile lawsuits.
Shells SPDC Ltd operates, and has a 30% stake in the SPDC joint venture (JV), which holds 18 on-shore and shallow water-mining leases.
According to report, SPDC will remain the operator. Other partners in the joint venture are the States Nigerian National Petroleum Corporation (NNPC), which holds 55%, TotalEnergies (TTEF.PA), with 10% and Italys Eni (ENI.MI) with 5%.
Apart from its operations and stakes in several fields deep off-shore, Shell also, still has a Liquefied Natural Gas (LNG) plant and other assets in Nigeria.
