Shell has reached an agreement to divest its onshore business in Nigeria to Renaissance in a deal valued at $2.4bn. Renaissance, a consortium of five companies, will acquire the SPDC. The consortium includes ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin. Shell said it has structured the deal to maintain SPDC’s operational capabilities to support the SPDC Joint Venture (SPDC JV).
With a 30% stake, SPDC is the operator of the SPDC JV. The JV has a total of 18 oil mining leases for onshore and shallow water petroleum operations in Nigeria.