The Nigerian government has approved the $1.3 billion sale of Shell Petroleum Development Company’s (SPDC) onshore assets to Renaissance Africa Energy Company Limited, a local consortium.
This approval, granted by Minister of State for Petroleum Resources Heineken Lokpobiri, follows Shell’s $5 billion investment in the Bonga North offshore project, which reportedly swayed the government’s decision.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had blocked the deal in October, citing regulatory failures and Shell’s unresolved environmental responsibilities in the Niger Delta.
The assets include 6.73 billion barrels of oil and 56.27 trillion cubic feet of gas, but Shell faces mounting pressure to clean up oil spills and address environmental damage before final regulatory clearance.
Major oil companies like Shell, TotalEnergies, and Eni are exiting onshore operations due to pipeline vandalism, oil theft, and conflicts with affected communities.
