Nigeria Shell's Exit From Nigeria Completed in final $2.5 Billion Deal With Nigerian Consortium

Shell Plc has sealed a deal to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), for $2.4 billion to Renaissance, a consortium of five companies.

The completion is pending Nigerian government approval. The transaction is structured to ensure a smooth transition, with SPDC's capabilities, staff, and operational processes maintained. Shell will continue supporting SPDC Joint Venture facilities after the sale, focusing on Deepwater and Integrated Gas positions.

Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director, called it a milestone, aligning with Shell's strategy to exit onshore oil production in the Niger Delta. The move signals a new chapter for SPDC, now under the ownership of an ambitious Nigerian-led consortium.

Shell remains committed to supporting Nigeria's energy sector growth. The SPDC Joint Venture involves SPDC Ltd (30%), Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%), and Nigeria Agip Oil Company Ltd (5%).