Welligence Nigeria M&A | Shell divests Nigerian onshore subsidiary in US$2.4 billion deal, pivots portfolio to deep offshore

January 22, 2024

On 16 January 2024, Shell announced it had agreed the sale of its wholly-owned subsidiary, SPDC, to Renaissance in a deal worth up to US$2.4 billion. Renaissance is a new JV company comprising four Nigerian independents (ND Western, Aradel Holdings, First E&P, Waltersmith) and an international energy group (Petrolin).