The Shell logo is seen at a petrol station in south London January 31, 2008. Royal Dutch Shell posted record European company earnings of $27.6 billion (13.9 billion pounds) in 2007, but fourth-quarter profit missed forecasts as a fall in production dampened the benefit of high oil prices.Toby Melville
The Shell logo is seen at a petrol station in south London January 31, 2008. Royal Dutch Shell posted record European company earnings of $27.6 billion (13.9 billion pounds) in 2007, but fourth-quarter profit missed forecasts as a fall in production dampened the benefit of high oil prices.Toby Melville

Shell agrees to sell its Nigeria onshore oil business for $2.4 bln

January 16th, 2024 | 09:31 AM MARKETS Deals 1

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By Ron Bousso

Shell (SHEL.L) has agreed to sell its Nigerian onshore oil and gas subsidiary in Nigeria to Renaissance, a consortium of five companies, for up to $2.4 billion, the British company said on Tuesday.

Shell will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.

Renaissance is made up of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.

Shell has sought to sell its Nigerian oil and gas business, which has been plagued by spills and theft for years, since 2021.

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