The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has approved the USD 2.4-billion sale of Shell’s onshore assets to Renaissance Group, Renaissance stated on Wednesday.
Shell’s sale to Nigeria’s Renaissance Group was initially agreed to in January 2024, but NUPRC blocked the deal in October 2024, citing concerns over Renaissance’s ability to manage Shell’s sizeable onshore assets. These assets hold an estimated 6.73 billion barrels of oil and condensate and 1.59 bcm of gas.
Shell will maintain its presence in Nigeria, having made its FID on the Bonga North deepwater project on December 16.
The deal is yet another in Nigeria’s divestment trend, which sees local operators taking over assets previously held by IOCs. Other such deals include Equinor’s sale of assets to Chappal Energies, Eni’s sale of assets to Oando and ExxonMobil’s sale of assets to Seplat.