Lagos, Nigeria
Shell’s withdrawal opens doors for Nigerian firms
Oil major's departure from the Nigerian onshore oil business offers opportunities for local firms, but could also leave a financing gap
On 16 January, Shell announced an agreement to sell its Nigerian onshore oil and gas subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), to a consortium of local firms for up to $2.4b. The deal aligns with Shell’s previously stated intention to withdraw from onshore oil production in the Niger Delta. The company's strategy is to streamline its portfolio and concentrate future Nigerian investments in deepwater and gas, stated Zoe Yujnovich, Shell's integrated gas and upstream director. The major has been active in Nigeria since the 1930s. The purchasing consortium, Renaissance Africa Energy — comprising ND Western, Aradel Holdings, the Petrolin Group, First Exploration and Petr
Also in this section
15 January 2025
The oil and gas industry will replace its capital discipline with Trump compliance and consumers will benefit from lower gasoline prices
15 January 2025
How legislative reforms and ambitious exploration plans are transforming India into a global energy investment hotspot—and why international investors are taking notice
13 January 2025
With Namibia, Guyana and Brazil playing starring roles and important innovations being developed, business as usual has never looked so good
13 January 2025
Regional cooperation over the development of gas resources has the potential to bring peace and prosperity to the East Mediterranean
