Nigeria Approves $1.3Billion Sale Of Shell’s Onshore Assets To Renaissance Africa Energy
Petroleum Resources Minister Heineken Lokpobiri approved the deal, which was first announced in January but initially rejected in October, the group said in a statement seen by Bloomberg on Wednesday.
Renaissance Africa Energy has received approval to purchase Shell Petroleum Development Company’s onshore assets for $1.3 billion.
Petroleum Resources Minister Heineken Lokpobiri approved the deal, which was first announced in January but initially rejected in October, the group said in a statement seen by Bloomberg on Wednesday.
Renaissance is owned by ND Western Ltd., Aradel Holdings Plc, Petrolin Group, FIRS Exploration and Petroleum Development Co., and Waltersmith Group.
Meanwhile, civil-society organisations, led by Amnesty International, opposed the transaction, citing concerns about human-rights violations. They urged authorities not to proceed until safeguards were implemented.
“The deal would fulfill Shell’s long-term goal of exiting operations in the challenging Niger Delta area,” the company said in an emailed statement. Shell confirmed it had been notified of the approval and was assessing the decision.
In October, Nigeria also approved Exxon Mobil Corp.’s sale of its onshore oil and gas assets to Seplat Energy Plc.
