04:01 PM EDT, 10/16/2024 (MT Newswires) -- (Updates with statement from Shell in the fourth paragraph.)

Shell's (SHEL) proposed $1.3 billion sale of its onshore oil assets in Nigeria was rejected by the country's oil regulator, Reuters reported Wednesday, citing Lagos, Nigeria-based ThisDay newspaper.

The company had announced the sale in January to a group of five companies called the Renaissance consortium.

According to the report, the Nigerian Upstream Petroleum Regulatory Commission declined to approve the asset sale because the consortium could not show it could manage the assets.

A Shell spokesperson told MT Newswires the company was in ongoing communication with the government and will provide the regulator with all the information needed to complete the approval process.

(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.)

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