Global oil and gas group Shell has received the approval from the Nigerian Oil Ministry to sell US$2.4bn worth of onshore and shallow water assets to local Renaissance Group. In October 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) blocked the sale citing Renaissance’s inability demonstrate its ability to manage assets that hold approximately 6.73 Gbl and condensate of oil, and 56.3 tcf (1,593 bcm) of associated and non-associated natural gas.
Shell's Nigerian subsidiary has recently reached an FID to invest on the Bonga North oil and gas deep-water project off the coast of Nigeria, which involves the development of 16 wells (8 production and 8 water injection wells). Shell operates the Bonga field with a 55% interest share, in partnership with Esso Exploration and Production Nigeria Ltd. (20%), Nigerian Agip Exploration Ltd. (12.5%), and TotalEnergies Exploration and Production Nigeria Ltd. (12.5%), on behalf of the Nigerian National Petroleum Company Limited (NNPC).
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