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Exclusive-Shell’s Nigerian oil assets attract interest from local firms, sources say

Reuters

Exclusive-Shell’s Nigerian oil assets attract interest from local firms, sources say

LONDON (Reuters) – At least five Nigerian oil and gas companies are preparing to submit bids this month for Royal Dutch Shell’s onshore oilfields in a sale that could fetch up to $3 billion, three sources involved in the process told Reuters.

Shell started talks with the Nigerian government last year about selling its stake in the West African country’s onshore fields, where it has been active since the 1930s, as part of a global drive to reduce its carbon emissions.

Shell operates SPDC (Shell Petroleum Development Company of Nigeria) and holds a 30% stake in the venture. The state’s Nigerian National Petroleum Corporation (NNPC) holds 55%, TotalEnergies has 10% and ENI 5%.

Shell has also struggled for years with spills in the Niger Delta due to pipeline theft and sabotage as well as operational issues, leading to costly repairs and high-profile lawsuits.

The sale has drawn interest from independent Nigerian oil and gas firms including Seplat Energy, Sahara Group, Famfa Oil, Troilus Investments Limited and Nigeria Delta Exploration and Production (NDEP), the sources said.

A Shell spokesman declined to comment.

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