MARKET NEWS
Shell tied new Nigeria offshore investments to approval for oil asset sale - FT
Approval for exit from operation at centre of decades of criticism over environmental impact marked sharp turnaround
Shell made the approval of the sale of its controversial assets in the Niger Delta a condition of fresh investments off the coast of Nigeria, according to people familiar with the deals.
The Anglo-Dutch company said on Monday it had made a final decision to invest a reported $5bn in the Bonga North project, a deepwater field 130 kilometres off the west African coast. The investment is a boost for President Bola Tinubu’s drive to attract much-needed capital into the Nigerian economy.
Two days later, Shell said its deal to sell $1.3bn of onshore oil assets to Renaissance Africa Energy, a local consortium, had been approved by Nigeria’s petroleum ministry, 11 months after it was first announced.https://www.ft.com/content/a56...
