Shell has announced its withdrawal from oil exploration in Nigeria and has reached an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five companies consisting of four exploration and production firms based in Nigeria and an international energy group.
This strategic move was communicated through an official statement released in London on Tuesday and made available on the company’s website.
The completion of the transaction is contingent on approvals from the Federal Government of Nigeria and other conditions.
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