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HomeBusinessFG Approves Sale of Shell’s $2.4bn Onshore Asset to Renaissance

FG Approves Sale of Shell’s $2.4bn Onshore Asset to Renaissance

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Shell Nigeria
Shell Nigeria

Renaissance Africa Power Firm Restricted, an area oil and fuel consortium, says it has obtained ministerial consent to amass Shell Petroleum Growth Firm.

The corporate introduced the event in a press release on Wednesday.

The approval was reportedly given by the Minister of State for Petroleum Sources (Oil), Heineken Lokpobiri. Efforts to get official affirmation from the Nigerian Upstream Petroleum Regulatory Fee had been unsuccessful.

In January, Shell stated it agreed to promote its Nigerian onshore oil belongings to Renaissance Africa for over $1.3bn — topic to regulatory approvals.

The belongings are stated to carry an estimated 6.73 billion barrels of oil and condensate, together with 56.27 trillion cubic toes of related and non-associated fuel.

Renaissance is a consortium shaped by ND Western, Aradel Power, First Exploration & Manufacturing, Waltersmith, and Petrolin.

Nevertheless, on October 21, when the federal authorities introduced the approval of different divestment offers, the Shell-Renaissance transaction didn’t scale the regulatory take a look at.

NUPRC’s CEO, Gbenga Komolafe stated the fee rejected the deal as a result of it “couldn’t scale (the) regulatory take a look at.”

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There are additionally considerations about quite a few lawsuits and allegations hanging over Shell Nigeria over human rights abuses and environmental degradation within the Niger Delta area.

NUPRC stated that it might solely approve the sale if Shell takes duty for oil spills and agrees to fund cleanup efforts within the Niger Delta.

However offering updates within the assertion, Renaissance stated the deal has now been consented to by President Bola Tinubu, who doubles because the minister of petroleum sources.

“Renaissance Africa Power Firm Restricted is happy to announce that the Minister of Petroleum Sources has granted his consent to the sale of The Shell Petroleum Growth Firm to Renaissance,” the assertion learn.

“This approval marks a big step ahead from the announcement of the Sale and Buy Agreements in January 2024.”

On October 30, the particular adviser to the president on vitality, Olu Verheijen, stated the problems round Shell’s proposed sale of its onshore belongings to Renaissance could be resolved quickly.

Recall that in October, the federal government introduced 4 divestment request from Mobil Producing Nigeria Limitless to Seplat Power Offshore Restricted divestment, Equinor Nigeria Power Firm Restricted to Mission Odinmin Investments Restricted, TotalEnergies EP Nigeria Restricted to Telema

Energies Nigeria Restricted, and the Nigerian Agip Oil Firm Restricted to Oando Petroleum and Pure Fuel Firm Restricted divestment.

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