Trending: Shell to Sell Nigerian Onshore Oil Business

1400 GMT - Shell is among the most mentioned companies across news items over the past four hours, according to Factiva data, after the energy major agreed to sell its Nigerian onshore oil business SPDC for up to $2.4 billion. If approved by the government, the deal would fulfill Shell's long-term goal of extracting itself from a challenging operating environment in the Niger Delta. For almost a century, the Anglo-Dutch company has had operations in Nigeria, but the company has been at odds with local communities over oil spills and claims of human rights violations for the past few decades. The buyer--a consortium of five companies--will pay $1.3 billion initially, before making additional payments to Shell of up to $1.1 billion. It follows a string of oil-and-gas giants selling assets in the West African, oil-rich country. In November, Norway's Equinor finalized the sale of its Nigerian business to a local company. Two months prior, Italy's Eni announced plans to sell its onshore operations to a local entity as well. Dow Jones & Co. owns Factiva. ([e-mail])

(END) Dow Jones Newswires

January 16, 2024 09:18 ET (14:18 GMT)

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