Trending: Shell to Sell Nigerian Onshore Oil Business
January 16 2024 - 9:33AM
Dow Jones News
1400 GMT - Shell is among the most mentioned companies across
news items over the past four hours, according to Factiva data,
after the energy major agreed to sell its Nigerian onshore oil
business SPDC for up to $2.4 billion. If approved by the
government, the deal would fulfill Shell's long-term goal of
extracting itself from a challenging operating environment in the
Niger Delta. For almost a century, the Anglo-Dutch company has had
operations in Nigeria, but the company has been at odds with local
communities over oil spills and claims of human rights violations
for the past few decades. The buyer--a consortium of five
companies--will pay $1.3 billion initially, before making
additional payments to Shell of up to $1.1 billion. It follows a
string of oil-and-gas giants selling assets in the West African,
oil-rich country. In November, Norway's Equinor finalized the sale
of its Nigerian business to a local company. Two months prior,
Italy's Eni announced plans to sell its onshore operations to a
local entity as well. Dow Jones & Co. owns Factiva.
(christian.moess@wsj.com)
(END) Dow Jones Newswires
January 16, 2024 09:18 ET (14:18 GMT)
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