Nigeria’s oil minister, Senator Heineken Lokpobiri, has approved the $2.4 billion sale of Shell’s onshore and shallow-water assets to Renaissance Group.
The transaction was initially announced in January but faced regulatory hurdles.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) previously blocked the deal in October, citing Renaissance’s inability to demonstrate adequate operational capacity for assets holding an estimated 6.73 billion barrels of oil and condensate, and 56.27 trillion cubic feet of gas.
In a statement on Wednesday, Renaissance described the approval as “a significant milestone that underscores the trust in our ability to manage these vital resources.” Neither Shell nor the NUPRC immediately responded to requests for comment.
The sale reflects a broader retreat by Western oil companies, including Exxon Mobil, Italy’s Eni, and Norway’s Equinor,…
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