{"id":107425,"date":"2024-01-16T22:11:36","date_gmt":"2024-01-16T21:11:36","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria"},"modified":"2024-01-17T00:59:11","modified_gmt":"2024-01-16T23:59:11","slug":"shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria","title":{"rendered":"Shell agrees to sell SPDC, announces plan to exit Nigeria"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>A leading international oil company, Shell, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, SPDC, to Renaissance, a consortium of five companies based in Nigeria, and an international energy group, for up to $2.4 billion.<\/p>\n

The company disclosed this in a statement on Tuesday.<\/p>\n

The development will bring an end to the British oil giant\u2019s core operation in Nigeria years after its formation in 1979.<\/p>\n

However, the company stated that completion of the transaction is subject to approvals by the Federal Government of Nigeria, who has a 55 per cent stake, and other conditions.<\/p>\n

Explaining the implication of the development, Shell noted that the transaction had been designed to preserve the full range of SPDC\u2019s operating capabilities following the change of ownership. These include the technical expertise, management systems and processes that SPDC implements on behalf of all the companies in the SPDC Joint Venture (SPDC JV).<\/p>\n

Meanwhile, the statement clarified that SPDC\u2019s staff will continue to be employed by the company as it transitions to new ownership.<\/p>\n

The company said it retains a role in supporting the management of SPDC JV facilities that supply a major portion of the feed gas to Nigeria LNG and NLNG to help Nigeria achieve maximum value from NLNG.<\/p>\n

Zoe\u0308 Yujnovich, Shell\u2019s Integrated Gas and Upstream Director, speaking on the company\u2019s next line of action, said it will focus investment on deepwater and integrated gas operations.<\/p>\n

\u201cThis agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions.<\/p>\n

\u201cIt is a significant moment for SPDC, whose people have built it into a high-quality business over many years. Now, after decades as a pioneer in Nigeria\u2019s energy sector, SPDC will move to its next chapter under the ownership of an experienced, ambitious Nigerian-led consortium.<\/p>\n

\u201cShell sees a bright future in Nigeria with a positive investment outlook for its energy sector. We will continue to support the country\u2019s growing energy needs and export ambitions in areas aligned with our strategy.\u201d<\/p>\n

The SPDC JV is an unincorporated joint venture comprised of SPDC Ltd (30 per cent), the government-owned Nigerian National Petroleum Corporation (55 per cent), Total Exploration and Production Nigeria Ltd (10 per cent) and Nigeria Agip Oil Company Ltd (5 per cent).<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. A leading international oil company, Shell, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria Limited, SPDC, to Renaissance, a consortium of five companies based in Nigeria, and an international energy group, for up to $2.4 billion. The company disclosed this in a statement on Tuesday. The […]<\/p>\n","protected":false},"author":84,"featured_media":107424,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,254,593,1357],"class_list":["post-107425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-nigeria","tag-shell","tag-spdc"],"yoast_head":"\nShell agrees to sell SPDC, announces plan to exit Nigeria - Nigeria<\/title>\n<meta name=\"description\" content=\"A leading international oil company, Shell, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Developm ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shell agrees to sell SPDC, announces plan to exit Nigeria\" \/>\n<meta property=\"og:description\" content=\"A leading international oil company, Shell, has agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Developm ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-16T21:11:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-16T23:59:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/01\/sm_1705432809.30632.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"739\" \/>\n\t<meta property=\"og:image:height\" content=\"415\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Shell agrees to sell SPDC, announces plan to exit Nigeria\",\"datePublished\":\"2024-01-16T21:11:36+00:00\",\"dateModified\":\"2024-01-16T23:59:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria\"},\"wordCount\":425,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/01\/sm_1705432809.30632.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"Nigeria\",\"shell\",\"SPDC\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/shell-agrees-to-sell-spdc-announces-plan-to-exit-nigeria\",\"name\":\"Shell agrees to sell SPDC, announces plan to exit Nigeria - 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