Edge's News: Nigeria oil firms fight for Shell’s $5bn onshore assets

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The plan by Shell to divest its stake from onshore terrain is getting clearer with at least five Nigerian oil and gas companies preparing to submit bids this month for its onshore oilfields.


The deal according to three reuters sources who are involved in the process is estimated to fetch up to $3 billion.


Shell started discussion with the federal government last year about selling its stake in the onshore fields, where it has been active since the 1930s, as part of a global drive to reduce its carbon emissions. 


The Anglo-Dutch company has stakes in 19 oil mining leases in Nigeria’s onshore oil and gas joint venture (SPDC), which the industry and banking sources said were valued at $2 billion to $3 billion.


Shell operates SPDC (Shell Petroleum Development Company of Nigeria) and holds a 30 per cent stake in the venture. The state’s Nigerian National Petroleum Corporation (NNPC) holds 55 per cent TotalEnergies has 10 per cent and ENI 5 per cent.


Shell has also struggled for years with spills in the Niger Delta due to pipeline theft and sabotage as well as operational issues, leading to costly repairs and high-profile lawsuits.


The sale has drawn interest from independent Nigerian oil and gas firms including Seplat Energy Sahara Group, Famfa Oil, Troilus Investments Limited and Nigeria Delta Exploration and Production (NDEP), the sources said.

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