BAKU, Azerbaijan, March 14. Shell has officially completed the sale of its subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, the company announced on January 16, 2024, Trend reports.
The sale, which sees Renaissance taking control of SPDC’s 30% stake in the SPDC joint venture, is part of Shell's broader strategy to exit onshore oil production in the Niger Delta. This move aligns with Shell’s ongoing efforts to streamline its portfolio and shift towards more sustainable and high-return projects, particularly in Deepwater and Integrated Gas investments.
Following the sale, Renaissance now holds a major stake in the joint venture, which includes the Nigerian government-owned Nigerian National Petroleum Corporation (NNPC), Total Exploration and Production Nigeria Ltd, and Agip Energy and Natural Resources (Nigeria) Limited, which hold 55%, 10%, and 5%, respectively. This change comes as Shell continues to adjust its focus towards cleaner energy sources and more strategic, long-term investments in Nigeria’s oil and gas industry.