Nigeria Halts Shell's $2.4 Billion Asset Sale to Renaissance

The Nigerian government has refused approval for Shell's sale of its onshore and shallow-water oil and gas assets in the Niger Delta to Renaissance for $2.4 billion. This decision was announced by the CEO of the Nigerian Upstream Petroleum Regulatory Commission during an event in Abuja. The assets are significant, encompassing billions of barrels of oil and trillions of cubic feet of gas.

The Nigerian government has rejected the proposed $2.4 billion sale of Shell's Niger Delta oil and gas assets to Renaissance. This decision was confirmed by the Nigerian Upstream Petroleum Regulatory Commission, according to its CEO Gbenga Komolafe, who spoke at a recent event in Abuja.

In January, Shell announced a deal to divest its onshore and shallow-water oil and gas assets to a consortium of five companies, aiming to shift its focus toward deepwater and integrated gas projects. The assets in question hold an estimated 6.73 billion barrels of oil and condensate, alongside 56.27 trillion cubic feet of associated and non-associated gas.

The blocked sale represents a significant development in the region's oil and gas sector, as it involves substantial reserves and reflects ongoing regulatory challenges in the industry.

(With inputs from agencies.)