Browsing: Renaissance consortium

Shell exits Nigeria's oil and gas sector
  • After nearly a century, Shell has decided to exit Nigeria’s oil and gas sector.
  • Shell has faced persistent challenges over the years, grappling with numerous onshore oil spills caused by theft, sabotage, and operational difficulties.
  • In December 2022, Shell agreed to pay $15.9 million in damages to communities in Nigeria’s Niger Delta impacted by numerous oil leaks.

After nearly a century, Shell has decided to exit the Nigerian oil and gas sector. The British multinational is selling Shell Petroleum Development Company of Nigeria Limited (SPDC), the entity that owns onshore oil assets in the nation’s Niger Delta region.

As fate would have it, Shell is selling SPDC to the Renaissance consortium, an alliance of ND Western, Aradel Holdings Plc, First E&P, the Waltersmith Group, Petroleum Development Company Limited and Petrolin.

This deal, reported at a value of $1.3 billion, with further payments of up to $1.1 billion, could offer local …