Shell has agreed to sell its Nigerian onshore oil and gas subsidiary to a consortium of five companies for up to $2.4 billion. The sale includes The Shell Petroleum Development Company of Nigeria Limited (SPDC) for $1.3 billion, with an additional payment of up to $1.1 billion for previous receivables. The consortium, called Renaissance, consists of ND Western, Aradel Energy, First E&P, Waltersmith, and Petrolin. This sale comes as Shell has been trying to offload its Nigerian oil and gas business, which has been dealing with spills and theft for many years. Shell will also be selling its stake in Shell Pakistan.


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By hassani

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