Shell to sell Nigerian business for up to $2.4bn

Shell said on Tuesday that it has agreed to sell its Nigerian onshore subsidiary, SPDC, to local consortium Renaissance for up to $2.4bn.

Renaissance consists of five companies, comprising four exploration and production groups based in Nigeria and an international energy firm.

Zoë Yujnovich, Shell’s integrated gas and upstream director, said: "This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and integrated gas positions.

"It is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.

"Shell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy."