financetom
Business
financetom
/
Business
/
Nigeria blocks Shell's asset sale in the Niger Delta
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Nigeria blocks Shell's asset sale in the Niger Delta
Oct 21, 2024 6:48 AM

ABUJA, Oct 21 (Reuters) - Nigeria has blocked the sale

of Shell's entire onshore and shallow-water oil and gas

assets in the Niger Delta, the country's upstream regulator said

on Monday, roughly 10 months after the deal was announced.

In a speech at an event in the capital Abuja, Nigerian

Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga

Komolafe said the Shell deal "could not scale (the) regulatory

test," without elaborating.

A Shell spokesperson did not immediately respond to a

request for comment.

Shell said in January that it had reached an agreement

to sell its onshore oil and gas assets to the Renaissance

consortium of five companies for up to $2.4 billion, allowing it

to focus on deepwater and integrated gas investments.

The assets hold a combined estimated volume of 6.73

billion barrels of oil and condensate and 56.27 trillion cubic

feet of associated and non-associated gas.

In trying to exit the oil-rich Niger Delta, Shell

follows other oil majors Exxon Mobil ( XOM ), TotalEnergies

and Eni who wanted to do so because of

security concerns.

Environmental activists and some communities opposed the

Shell-Renaissance deal, tying Shell into a string of lawsuits

for environmental restoration and compensation for land and

rivers damaged by historical oil spills.

In April, the NUPRC started evaluating Shell's

divestment to the consortium, which comprises four Nigerian

exploration and production companies and an international energy

group.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Colonial allocates Cycle 41 shipments on distillate Line 20
Colonial allocates Cycle 41 shipments on distillate Line 20
Jul 11, 2024
July 11 (Reuters) - Colonial Pipeline Co is allocating space for Cycle 41 shipments on Line 20, which carries distillates from Atlanta to Nashville, Tennessee, the company said in a notice sent to shippers on Thursday. * Committed information will be available on Friday, the pipeline operator said. * The company generally announces allocations when nominations, or requests, for space...
Market Chatter: JPMorgan Targets 15% of US Consumer Deposits, Bigger Credit Card Share
Market Chatter: JPMorgan Targets 15% of US Consumer Deposits, Bigger Credit Card Share
Jul 11, 2024
07:35 AM EDT, 07/11/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) aims to capture 15% of US consumer deposits, up from its 11.3% share as of June 2023, Reuters reported Thursday, citing Chief Executive of consumer and community banking Marianne Lake. The company also targets to increase its credit card spending share to 20% from the current 17%, Reuters...
Profound Medical Says U.S. Medicare Rules Proposed for TULSA Procedure
Profound Medical Says U.S. Medicare Rules Proposed for TULSA Procedure
Jul 11, 2024
07:31 AM EDT, 07/11/2024 (MT Newswires) -- Profound Medical ( PROF ) , a company developing incision-free therapies to ablate diseased tissue, on Thursday said the U.S. Centers for Medicare and Medicaid Services issued its proposed rules establishing a Category 1 CPT (current procedural terminology) code for the Transurethral Ultrasound Ablation (TULSA) procedure, effective January 1, 2025. CPT codes are...
Trading houses lure top talent from BP, Shell
Trading houses lure top talent from BP, Shell
Jul 11, 2024
LONDON (Reuters) - Several high-profile energy traders have in recent weeks quit oil majors for trading houses, multiple sources told Reuters on Thursday, as talent follows assets swapping hands and as trading houses ramp up bonuses. Trading houses such as Vitol and Trafigura have acquired tens of billions of dollars worth of assets from oil majors over the past decade,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved