The Shell Petroleum Development Company of Nigeria Limited has declare its plan to sell its onshore business, to Renaissance.
The five entities that make up the consortium of newly appointed custodians of the exploration subsidiary are an international energy firm and four Nigerian-based indigenous exploration and production companies. This calculated action was announced in a formal statement that was posted on the company website and made public on Tuesday in London.
The press release highlighted that the transaction is subject to meeting further requirements set forth by governmental and market regulators, as well as receiving clearances from the federal government.
Interestingly, the conditions of the sale were written in a way that will protect SPDC’s ability to continue operating after changing ownership. This involves keeping the SPDC Joint Venture’s management structures, procedures, and technological know-how in place. Notably, SPDC’s current employees will remain on the job during this transitioning period.
Shell has pledged to continue providing help by continuing to supervise the management of SPDC JV facilities. This demonstrates Shell’s commitment to easing Nigeria’s energy needs by guaranteeing the continuous supply of feed gas to Nigeria LNG.
Shell has pledged to continue providing help by continuing to supervise the management of SPDC JV facilities. This demonstrates Shell’s commitment to easing Nigeria’s energy needs by guaranteeing the continuous supply of feed gas to Nigeria LNG.
The statement from the company affirmed, “SPDC’s staff will continue to be employed by the company as it transitions to new ownership. Following completion, Shell will retain a role in supporting the management of SPDC JV facilities that supply a major portion of the feed gas to Nigeria LNG (NLNG), to help Nigeria achieve maximum value from NLNG.”
