This post has already been read 857 times!
Shell has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), to a consortium of Nigerian companies and an international energy group for up to $2.4bn.
This move marks the end of a core operation for the British oil giant in Nigeria.
The sale is subject to approval from the Nigerian government, which has a 55% stake in SPDC.
Shell stated that the transaction has been designed to preserve the full range of SPDC’s operating capabilities and that SPDC staff will continue to be employed by the company during the transition.
Shell will focus its investment on deepwater and integrated gas operations in Nigeria.
Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, said that this agreement marks an important milestone for Shell in Nigeria and that the company sees a bright future in the country with positive investment opportunities.
SPDC JV is an unincorporated joint venture comprised of SPDC Ltd (30%), the Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Nigeria Agip Oil Company Ltd (5%).
