Shell Agrees to Sell Onshore Oilfields at $2.4bn

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International oil giant Shell has entered into an agreement to sell its onshore oilfields to a Nigerian-led consortium named Renaissance.

The consortium, comprising five companies, including an international energy group, is set to acquire Shell’s onshore oil wells for $2.4 billion. The completion of this transaction is contingent upon the approval of the Federal Government.

Amid concerns about potential job losses, Shell has provided assurance that the divestment will not lead to job loss for current employees at SDPC (Shell Development and Production Company), alleviating fears among workers.

Source: The Nation

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