Lagos, Nigeria
Shell’s withdrawal opens doors for Nigerian firms
Oil major's departure from the Nigerian onshore oil business offers opportunities for local firms, but could also leave a financing gap
On 16 January, Shell announced an agreement to sell its Nigerian onshore oil and gas subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), to a consortium of local firms for up to $2.4b. The deal aligns with Shell’s previously stated intention to withdraw from onshore oil production in the Niger Delta. The company's strategy is to streamline its portfolio and concentrate future Nigerian investments in deepwater and gas, stated Zoe Yujnovich, Shell's integrated gas and upstream director. The major has been active in Nigeria since the 1930s. The purchasing consortium, Renaissance Africa Energy — comprising ND Western, Aradel Holdings, the Petrolin Group, First Exploration and Petr
Also in this section
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
11 August 2025
The administration is pushing for deregulation and streamlined permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
