Nigerian authorities block Shell's $2.4bn asset sale to Renaissance, approve ExxonMobil's $1.28bn sale to Seplat.

Nigerian authorities have blocked Shell's $2.4 billion sale of its onshore and shallow-water assets in the Niger Delta to the Renaissance consortium, citing regulatory issues. In contrast, the government approved ExxonMobil's $1.28 billion sale of its onshore assets to Seplat Energy, which will significantly boost Seplat's production. This reflects ongoing regulatory challenges and shifts in Nigeria's oil sector, as companies like Shell and Exxon focus on offshore investments.

October 21, 2024
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