Shell Completes Sale of SPDC to Renaissance
Shell has completed the sale of Shell Petroleum Development Company Nigeria (SPDC) to Renaissance, which was announced on January 16, 2024.
The divestment of SPDC is in line with Shell’s intention to simplify its business in Nigeria by exiting onshore oil production in the Niger Delta and focusing disciplined investments in deepwater and integrated gas businesses in the future.
Currently, Renaissance controls 30% of SPDC in the SPDC JV, an unincorporated joint venture between Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Limited (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%).
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