Nigeria's NUPRC evaluates Shell's $1.3bn divestment of SPDC to Renaissance Africa Energy.
Nigeria's oil regulator, NUPRC, is evaluating Shell's divestment of its Nigerian onshore subsidiary, SPDC, to Renaissance Africa Energy Company Limited for $1.3 billion. The NUPRC will assess issues including labor relations, worker liabilities, and host community obligations. The assets, which hold substantial oil, condensate, and gas reserves, are set to be transferred to a suitable successor with the necessary financial and technical expertise, while maintaining environmental and end-of-life liabilities.
April 29, 2024
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