Shell to Offload Nigeria Onshore Oil Business for $1.3 Billion

Shell Plc has reached an agreement to offload its Nigerian onshore oil business to a consortium of local companies, marking a significant milestone in the energy giant’s global operations.

The transaction, valued at over $1.3 billion, represents a historic move for Shell.

Pending government approval, the deal aligns with Shell’s strategic objective of disengaging from the demanding operational landscape in the Niger Delta.

Over the years, Shell has faced challenges and conflicts with local communities in the region, centered around issues such as oil spills and allegations of human rights violations.

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These conflicts have become increasingly incongruent with Shell’s broader commitment to environmental sustainability, creating a discord between its operational practices and its aspirations for a cleaner and greener profile.

(Bloomberg)