Nigeria fails to approve Shell asset sale to Renaissance

ABUJA (Reuters) - Nigeria has failed to approve the sale of Shell (LON:SHEL )'s entire onshore and shallow-water oil and gas in the Niger Delta region to Renaissance, the country's upstream regulator said on Monday.

A presentation by Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe at an event in the capital Abuja showed "consent declined," referring to the Shell-Renaissance deal.



Shell said in January that it had reached an agreement to sell the assets to the consortium of five companies for up to $2.4 billion, allowing it to focus on deepwater and integrated gas investments.

The assets hold a combined estimated volume of 6.73 billion barrels of oil and condensate and 56.27 trillion cubic feet of associated and non-associated gas.

Source: Investing.com