Nigeria has blocked the sale of Shell’s onshore and shallow-water oil and gas assets in the Niger Delta, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This decision comes almost 10 months after Shell announced plans to sell these assets for up to $2.4 billion to the Renaissance consortium.
NUPRC CEO Gbenga Komolafe stated that the deal “could not scale the regulatory test” during a speech in Abuja but did not provide further details. The sale would have allowed Shell to shift its focus to deepwater and integrated gas projects.
Shell’s plans to exit the Niger Delta follows similar moves by other oil majors, such as ExxonMobil, TotalEnergies, and Eni, all of whom sought to leave the region due to escalating security concerns.