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. 

 

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