Shell: sells its Nigerian subsidiary

(CercleFinance.com) - Shell reports that it has completed the sale of the Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance.


The sale of SPDC is part of Shell's drive to simplify its presence in Nigeria by exiting onshore oil production in the Niger Delta and focusing future disciplined investment in its deepwater and integrated gas businesses.

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


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