10:41 AM EDT, 10/21/2024 (MT Newswires) -- Shell's (SHEL) sale of its onshore and shallow-water oil and gas assets in the Niger Delta for up to $2.4 billion has been blocked by Nigeria, Reuters reported Monday, citing the country's upstream regulator.

Gbenga Komolafe, chief executive of Nigerian Upstream Petroleum Regulatory Commission, said during a speech in Abuja on Monday that the transaction "could not scale (the) regulatory test," without providing further details, the report said.

In January, Shell agreed to sell its onshore assets to the Renaissance consortium for up to $2.4 billion. The assets hold 6.73 billion barrels of oil and 56.27 trillion cubic feet of gas, Reuters said.

A Shell spokesperson did not immediately respond to Reuters' comment request.

Shell didn't immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 67.12, Change: +0.08, Percent Change: +0.12