Shell’s $1.3bn asset sale to Renaissance not completed yet – FG

The Nigerian Upstream Petroleum Regulatory Commission says it is yet to conclude Shell’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3bn.

The NUPRC, in a statement by its Head of Public Affairs and Corporate Communication, Olaide Shonola, was reacting to a report by a newspaper (not The PUNCH).

The report on Wednesday had purported that the commission has accepted Shell’s bid to sell its onshore assets to Renaissance in a transaction worth $1.3bn.

“It must be firmly stated that the information contained in the publication did not emanate from the commission,” Shonola declared.

She added that the NUPRC will communicate its position on the transaction to the public at the appropriate time, asking the public to disregard the report.

“As part of the commission’s commitment to transparency and accountability, it will communicate its position on the transaction to the public at the appropriate time.

“Industry stakeholders and the general public are advised to disregard the publication as it is baseless,” the statement concluded.

In January, Shell announced that it had reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group.

Completion of the transaction, it stated, is subject to approvals by the Federal Government of Nigeria and other conditions.

The SPDC JV is an unincorporated joint venture comprised of SPDC Limited (30 per cent), the government-owned Nigerian National Petroleum Company Ltd (55 per cent), Total Exploration and Production Nigeria Ltd sold its 10 per cent stake to Chappal Energies, and the 5 per cent owned by NigSale of Shell assets to Renaissance not yet completed – NUPRC

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