Shell has completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, as announced 16 January 2024

The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its Deepwater and Integrated Gas positions.

Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%).

Notes:
No significant impairments are expected as a result of completion of the transaction.
Renaissance is a consortium of five companies comprising four exploration and production companies – ND Western, Aradel Energy, First E&P, Waltersmith – based in Nigeria - and the international energy group, Petrolin.

About Shell plc

Shell plc is incorporated in England and Wales, has its headquarters in London and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.