₦airaland Forum

London – Shell has completed the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) to Renaissance, as announced 16 January 2024

The divestment of SPDC aligns with Shell’s intent to simplify its presence in Nigeria through an exit of onshore oil production in the Niger Delta and a focus of future disciplined investment in its Deepwater and Integrated Gas positions.

Renaissance now controls SPDC’s 30% stake in the SPDC JV, an unincorporated joint venture with the government-owned Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Agip Energy and Natural Resources (Nigeria) Limited (5%).

Notes to editors:
No significant impairments are expected as a result of completion of the transaction.
Renaissance is a consortium of five companies comprising four exploration and production companies – ND Western, Aradel Energy, First E&P, Waltersmith – based in Nigeria - and the international energy group, Petrolin.
Enquiries
UK / International Media Relations:
+44 20 7934 5550

Cautionary note
The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-looking statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov
). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, 13 March 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s Net Carbon Intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-zero emissions target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-looking non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this announcement do not form part of this announcement.

https://www.shell.com/news-and-insights/newsroom/news-and-media-releases/2025/shell-completes-sale-of-spdc.html

Great news, my state person Bayo omo Ojulari. Renaissance will do well, Nlfpmod.

Nawa, Nlfpmod. Na so Shell waka for Warri, come dey empty.

ogododo:
Nawa, Nlfpmod. Na so Shell waka for Warri, come dey empty.

I was on airport road in early 2000, Warri was a city then, but immediately Shell pulled out in 2012, Warri became a ghost town.

Shell has made a lot of money in Nigeria, but not without headaches from ND people. Now, they are running away from their troubles to focus on offshore E&P.

Now they can do their business in the middle of the Atlantic Ocean in peace without disturbances from community people.

Congratulations to Renaissance. I hope they are ready for their host community.

Portfolio, money allocated
.

SmartPolician:
Shell has made a lot of money in Nigeria, but not without headaches from ND people. Now, they are running away from their troubles to focus on offshore E&P.

Now they can do their business in the middle of the Atlantic Ocean in peace without disturbances from community people.

Congratulations to Renaissance. I hope they are ready for their host community.

Killing of Ken Saro Wiwa by Abacha in 1995 changed ND.

ogododo:
Nawa, Nlfpmod. Na so Shell waka for Warri, come dey empty.

You mean Ogunu? What of Port Harcourt?

SocialJustice:
You mean Ogunu? What of Port Harcourt?

Ogunu and Edjeba be Warri bros.

They are going totally offshore where there is absolutely no control on how they operate and how they load their products. It has been said that part of the reasons why Obama and Cameron went hard on Jonathan, was because they wanted the APC to be in power before the bidding bazaar that happened during Buharis term.

And if you remember very well, Buhari after awarding all the oil and gas fields few monthsafter taking over, insisted that the details of the whole bazaar should be kept secret! Uptill this day, no one lnows who and who got what and what! International oil companies are imposing wayward hoodlums as presidents on us so that they can loot and steal without any hindrances and we are quiet because of tribalism..

owobokiri:
They are going totally offshore where there is absolutely no control on how they operate and how they load their products. It has been said that part of the reasons why Obama and Cameron went hard on Jonathan, was because they wanted the APC to be in power before the bidding bazaar that happened during Buharis term.

And if you remember very well, Buhari after awarding all the oil and gas fields few monthsafter taking over, insisted that the details of the whole bazaar should be kept secret! Uptill this day, no one lnows who and who got what and what! International oil companies are imposing wayward hoodlums as presidents on us so that they can loot and steal without any hindrances and we are quiet because of tribalism..

Shell going totally offshore is business plan. It has nothing to do with politics, same way Mobil sold to Seplat, because onshore trouble are too much for foreign coys.

iwaeda:
Shell going totally offshore is business plan. It has nothing to do with politics, same way Mobil sold to Seplat, because onshore trouble are too much for foreign coys.

Agbadorians will always support anything that furthers their primordial nest

owobokiri:
Agbadorians will always support anything that furthers their primordial nest

Emi agbadorian. Olorun oje, ko jorara.

Nawa, our youth fall hands.

ogododo:
Nawa, our youth fall hands.

How?
What is the use of SHELL in the Nigerian oil sector at this time? They have outlived their usefulness if any..
There is nothing they do that Nigerian companies can't do today with better financial backings..

SHELL and her cohorts are basically responsible for a lot of carnage and evils that have happened in this country.
Nigeria should be progressing towards having her own ARAMCO, and not depending on an imperialists tool to baby feed her..

owobokiri:
How?
What is the use of SHELL in the Nigerian oil sector at this time? They have outlived their usefulness if any..
There is nothing they do that Nigerian companies can't do today with better financial backings..

SHELL and her cohorts are basically responsible for a lot of carnage and evils that have happened in this country.
Nigeria should be progressing towards having her own ARAMCO, and not depending on an imperialists tool to baby feed her..

Ar least dem, provide employment for pipu.

Nawa o.

Shell and Ogoni.