Digital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Facebook X (Twitter) Instagram
Trending
  • “How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast
  • Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja
  • Tinubu Hails NASENI’s Contributions To National Economy
  • Experts @ABoICT 2025 Warn Of Digital Disaster Risks In Nigeria Without AI Governance
  • NCC Unveils e-Health Project In Akure To Boost Digital Healthcare
  • PalmPay Unveils ‘Passing The Baton’ CSR Initiative To Drive Financial Inclusion In Northern Nigeria
  • Anambra Shines In E-Governance, Ranks Among Top Three States
  • EMOSIM Launches eSIM In Lagos, Heralds New Era Of Global Connectivity And Digital Inclusion
Facebook X (Twitter) Instagram
Digital Times NigeriaDigital Times Nigeria
  • Home
  • Telecoms
    • Broadband
  • Business
    • Banking
    • Finance
  • Editorial
    • Opinion
    • Big Story
  • TechExtra
    • Fintech
    • Innovation
  • Interview
  • Media
    • Social
    • Broadcasting
Digital Times Nigeria
Home » Shell Set To Exit Nigeria After Nearly A Century Of Operations
Business

Shell Set To Exit Nigeria After Nearly A Century Of Operations

Shell's exit is part of a broader retreat by western energy companies from Nigeria as they focus on newer, more profitable operations.
DigitalTimesNGBy DigitalTimesNG16 January 2024No Comments3 Mins Read42 Views
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Shell
A Shell signboard
Share
Facebook Twitter LinkedIn Pinterest Telegram Email WhatsApp

British energy giant, Shell is set to conclude nearly a century of operations in Nigerian onshore oil and gas after agreeing to sell its subsidiary there to a consortium of five mostly local companies for up to $2.4 billion.

Shell pioneered Nigeria’s oil and gas business beginning in the 1930s but has struggled for years with hundreds of onshore oil spills as a result of theft, sabotage and operational issues that led to costly repairs and high-profile lawsuits.

Since 2021, Shell has sought to sell its Nigerian oil and gas business but will remain active in Nigeria’s more lucrative and less problematic offshore sector.

Shell’s exit is part of a broader retreat by western energy companies from Nigeria as they focus on newer, more profitable operations.

Exxon Mobil, Italy’s Eni and Norway’s Equinor have struck deals to sell assets in the country in recent years.

The British major will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.

“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,” Shell head of upstream, Zoë Yujnovich said.

The buyer, the Renaissance consortium comprises ND Western, Aradel Energy, First E&P, Waltersmith, all local oil exploration and production companies, and Petrolin, a Swiss-based trading and investment company.

READ ALSO  Amazon CEO, Jeff Bezos To Step Down

The sale, which Renaissance confirmed, requires the approval of the Nigerian government.

Renaissance will take over the responsibility for dealing with spills, theft and sabotage, said Shell, which has faced in recent years multiple lawsuits for compensation over damage caused as a result of spills in the Niger delta.

Nnimmo Bassey, Executive Director of Nigerian advocacy group, Health of Mother Earth Foundation said: “Shell must own up to its responsibility.”

“This means full payment for the remediation and restoration of the polluted areas as well as reparations to the host communities. They cannot walk away from the virtually irreparable harm they have caused,” Bassey said in a statement.

Shell’s SPDC Limited operates and has a 30% stake in the SPDC joint venture that holds 18 onshore and shallow water mining leases.

Shell’s resources in SPDC reached around 458 million barrels of oil equivalent by the end of 2022.

Other partners in the joint venture are the state’s Nigerian National Petroleum Corporation (NNPC), which holds 55%, TotalEnergies (TTEF.PA), with 10% and Italy’s Eni (ENI.MI) with 5%.

Apart from its operations and stakes in several fields deep offshore, Shell still has a liquefied natural gas plant and other assets in Nigeria.

SPDC, which remains the operator, was formed in 1979, incorporating assets of the older Shell-BP consortium, with its current partners entering at later stages.

Source: Reuters

#Energy #Oil and Gas #Shell #Shell SDPC
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleAI Can Convincingly Mimic A Person’s Handwriting Style, Researchers Say
Next Article ThriveAgric Kicks-Off Phase 2 Distribution Of Agricultural Inputs
DigitalTimesNG
  • X (Twitter)

Related Posts

“How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast

31 May 2025

Experts @ABoICT 2025 Warn Of Digital Disaster Risks In Nigeria Without AI Governance

30 May 2025

TD Africa Turns Up The Heat On Tech Accessibility, Unveils ‘Black Friday Every Friday’ Campaign

27 May 2025

SBTS Group CEO, Evelyn Lewis Named Among Nigeria’s 50 Most Valuable Digital Economy Leaders

26 May 2025

Seun Dania Clinches Two Major Honours As Alpha-Geek Earns Top Industry Award

26 May 2025

ABoICT Awards 2025 Holds Saturday, May 24, Celebrates ICT’s Role In Nigeria’s Economic Growth

22 May 2025

Comments are closed.

Categories
About
About

Digital Times Nigeria (www.digitaltimesng.com) is an online technology publication of Digital Times Media Services.

Facebook X (Twitter) Instagram
Latest Posts

“How Do I Kelee Gi?”: The Song That Rose From The Rubble Of A Lagos Bomb Blast

31 May 2025

Hydrogen, Lagos State Govt Power Wellness Drive For Business Owners In Ikeja

30 May 2025

Tinubu Hails NASENI’s Contributions To National Economy

30 May 2025
Popular Posts

Building Explainable AI (XAI) Dashboards For Non-Technical Stakeholders

2 May 2022

Building Ethical AI Starts With People: How Gabriel Ayodele Is Engineering Trust Through Mentorship

8 January 2024

Gabriel Tosin Ayodele: Leading AI-Powered Innovation In Web3

8 November 2022
© 2025 Digital Times NG. Designed by Max Excellence LLC.
  • Advert Rate
  • Terms of Use
  • Advertisement
  • Private Policy
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.