Nigeria approves Shell’s $1.3 billion asset sale to Renaissance
The deal would fulfill Shell’s long-term goal of exiting operations in the challenging Niger Delta area
The deal would fulfill Shell’s long-term goal of exiting operations in the challenging Niger Delta area
Seplat Energy is also looking to invest in Compressed Natural gas, CNG, projects in support of the government’s CNG initiative.
Heirs Oil and Gas Ltd. and ND Western Ltd. are vying for Shell’s 30% stake in the joint venture, which manages assets in the Niger Delta and offshore areas.
Commenting on the oil firm’s 2021 financial results, its Chief Executive Officer, Roger Brown, said, “Seplat Energy announced a major acquisition last week and despite a challenging year for Nigerian oil and gas, the robust results delivered today clearly show how our increasing financial strength has made such an acquisition possible.