Shell has finalized the divestment of its Shell Petroleum Development Company (SPDC), transferring its 30% stake in the SPDC Joint Venture to Renaissance, as part of its long-term strategy to exit onshore oil production in Nigeria. The move aligns with Shell’s plan to streamline its Nigerian operations and focus on Deepwater and Integrated Gas investments.
The SPDC Joint Venture also includes Nigerian National Petroleum Corporation (NNPC) with 55% ownership, Total Exploration and Production Nigeria Ltd. (10%), and Agip Energy (5%).
Shell’s decision to exit the Niger Delta follows years of operational challenges, environmental concerns, and legal disputes, with the company shifting its priorities toward sustainable energy investments.