Shells $2.4bn Onshore Asset Sold to Local Consortium Renaissance Africa Energy

The Nigerian government has approved the $2.4 billion sale of Shell's onshore assets to Renaissance Africa Energy Company Limited, a local oil and gas consortium. The acquisition is part of a deal that will see Renaissance acquire Shell's entire onshore portfolio in Nigeria.

The Nigerian government has given its approval for the $2.4 billion sale of Shell's onshore assets to local oil and gas consortium Renaissance Africa Energy Company Limited. As part of the deal, Renaissance will acquire Shell Petroleum Development Company, marking a significant move towards increasing local ownership in the country's energy sector. The transaction is expected to have far-reaching implications for the Nigerian economy and the oil industry as a whole. The terms of the sale were finalized with ministerial consent, paving the way for completion of the deal.