Home Business SHELL ANNOUNCES SALE OF NIGERIA’S ONSHORE OIL BUSINESS.

SHELL ANNOUNCES SALE OF NIGERIA’S ONSHORE OIL BUSINESS.

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Shell says it has reached an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited, SPDC, to Renaissance.

Renaissance is a consortium of five firms made up of four exploration and production companies based in Nigeria and also an international energy group.

It, however, said, SPDC’s staff would continue to be employed by the company as it transits to new ownership.

In a statement, Shell says the completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

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