Shell exits Nigeria's onshore oil fields in a $2.4 BN asset sale after nearly a century of operation
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Shell exits Nigeria's onshore oil
Shell exits Nigeria's onshore oil fields in a $2.4 BN asset sale after nearly a century of operation - It is no secret that British-Dutch energy powerhouse Shell has maintained a significant presence in West Africa for decades, contributing to the region's energy landscape. Shell has been actively involved in the exploration, production, and export of oil and natural gas in West African countries such as Nigeria, making the West Africa sub-region crucial to the multinational oil and gas company's global energy portfolio. However, Shell has now announced that it is exiting all onshore business in Nigeria and West Africa by selling its Nigerian subsidiary for 2.4 billion dollars, sending shockwaves throughout the region's oil and gas sector and raising questions about the future of the industry. Why is Shell abandoning all onshore business in Nigeria and West Africa? And what positive and negative impact has Shell's presence in this region over the years had? In today's video, we will offer deep insights into these questions and more.
On Tuesday, January 16th, 2024, British energy giant Shell, which had previously indicated it was leaving the Niger Delta, formally announced that it was selling its Nigerian onshore division, SPDC, for as much as 2.4 billion dollars. "Shell has reached an agreement to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group," it said in a statement. Waltersmith, Petrolin, First E&P, Aradel Energy, and ND Western make up the consortium. Shell will receive an initial lump sum of 1.3 billion dollars plus extra cash payments of up to 1.1 billion dollars relating to prior receivables at completion.
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On Tuesday, January 16th, 2024, British energy giant Shell, which had previously indicated it was leaving the Niger Delta, formally announced that it was selling its Nigerian onshore division, SPDC, for as much as 2.4 billion dollars. "Shell has reached an agreement to sell its Nigerian onshore subsidiary The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group," it said in a statement. Waltersmith, Petrolin, First E&P, Aradel Energy, and ND Western make up the consortium. Shell will receive an initial lump sum of 1.3 billion dollars plus extra cash payments of up to 1.1 billion dollars relating to prior receivables at completion.
▬▬▬▬▬▬▬▬▬
✅SUPPORT US /AFFILIATE LINKS
Use this affiliate link for your purchases at #MIZIZI International -
https://bit.ly/3hajEY9
Support our channel -
PayPal: newafricachannel(at)outlook.com
Follow us on Instagram - Instagram: thenewafricachannel
Follow us on Twitter - Twitter: TheNewAfricaCh1
Join us on Facebook - Facebook: thenew.africachannel.3
▬▬▬▬▬▬▬▬▬
✅COPYRIGHT DISCLAIMER
The New Africa Channel doesn't fully own some of the materials compiled in its videos. It belongs to people or organizations who ought to be respected.
If used, it falls under the following provisions: Copyright disclaimer section 107 of the Copyright Act 1976. "Fair use" is allowed for purposes such as criticism, comment, news reporting, teaching, scholarships, and research.
✅ If you are the owner of the materials used in this video, contact us, and we will follow your request immediately: info(at)thenewafricachannel.com
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✅COMMENTING POLICY
Keep your comments and posts appropriate, helpful, and relevant. Any offensive, disrespectful, harmful, threatening, vulgar, obscene, or inappropriate content will be removed immediately. Spamming, vandalizing, promoting, and advertising are also not allowed. While we encourage free speech and open discussion, attacking or harassing other users is not tolerated. Repeat violators of this policy will be reported and may face a ban.
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#AfricaNews #TopAfricaNews #News #NewsAfrica #AfricaNews
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