(CercleFinance.com) – Shell announces that it has reached an agreement for the sale of its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC) to the Renaissance consortium which brings together five companies including four exploration and production companies based in Nigeria and an international energy group.
The finalization of the transaction is subject to the approval of the Federal Government of Nigeria.
The transaction was designed to preserve all of SPDC’s operational capabilities after the change of ownership, Shell said.
Shell adds that it will retain a role in supporting the management of SPDC JV facilities which provide a significant portion of feed gas to Nigeria LNG (NLNG), to help Nigeria get the most out of NLNG.
“We will continue to support the country’s growing energy needs and export ambitions in areas aligned with our strategy,” said Zoë Yujnovich, director for gas and upstream at Shell.
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