In an unexpected move, oil giant Shell has announced its plans to sell Shell Petroleum Development Company of Nigeria Limited (SPDC) to a consortium of five companies known as Renaissance, in a $2.4 billion deal. Details here.
Pending regulatory approval, this transaction will conclude Shell’s exploration initiatives in Nigeria’s oil-rich Niger Delta region that extend over 80 years. This comes as a part of company’s restructuring efforts, focusing more on managing deepwater and gas operations.
Shell has enlisted the services of Clifford Chance for this deal, signaling the energy giant’s determination to navigate any legal complexities this significant transaction might entail.