Shell International Plc has secured approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its onshore assets to Renaissance for $1.3 billion.
The transaction, involving Shell’s 75-year-old onshore operations, is expected to significantly boost Nigeria’s oil production and government revenue. However, it still requires final approval from President Bola Tinubu.
The Renaissance consortium, which includes Nigerian companies ND Western, Aradel Energy, First E&P, Waltersmith, and Swiss-based Petrolin, will take over Shell’s onshore assets. Shell plans to shift its focus to deepwater and gas investments. The deal promises to enhance Nigeria’s oil output and support the country’s gas development goals, including the advancement of the Bonga oil field.
Shell’s sale will exclude its 25.6% stake in Nigeria’s Liquefied Natural Gas (NLNG) plant and other ongoing operations. The Renaissance consortium is poised to play a key role in Nigeria’s gas sector and align with the ‘Decade of Gas’ initiative to expand gas production and support economic growth.