ABUJA, Nigeria (NEWSnet/AP) — Shell said Tuesday it agreed to sell its onshore business in Nigeria’s Niger Delta to a consortium of companies in a deal worth $2.4 billion.
It's the latest move by the energy company to limit its exposure in the West African nation.
Shell called it a way to streamline its business in a country it has operated in for decades, facing pushback about oil spills that have fouled rivers and farms and exacerbated tensions in a region that has faced years of militant violence.
The assets that Shell is selling are largely owned by the Nigerian government’s national oil company NNPC, which holds a 55% stake. To finalize the agreement, the government must give its approval. Shell operates the assets and owns a 30% stake, with the remaining share held by France’s TotalEnergies at 10% and Italy’s Eni at 5%.
The assets include 15 onshore mining leases and three shallow-water operations, the company said.
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