Shell agrees to sell Nigerian onshore subsidiary, SPDC

Shell is set to sell its Nigerian onshore company, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to a group called Renaissance. This group includes four Nigerian companies and one international energy company.

The deal is not complete yet. It needs approval from the Federal Government of Nigeria and has to meet certain conditions. The goal of the deal is to keep all of SPDC’s abilities intact even after the ownership changes hands. This means keeping the technical knowledge, management systems, and processes that SPDC uses for its work.

Shell is not leaving Nigeria’s energy business entirely. Even after selling SPDC, Shell will still be a big investor in Nigeria’s energy sector through its Deepwater and Integrated Gas businesses.

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This sale could bring significant changes to Nigeria’s energy scene. As we wait for the government’s approval, people are curious to see how this deal might affect the country’s oil and gas industry.

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