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Home Industries Energy

Shell to divest Nigerian onshore assets

William Ukpe by William Ukpe
May 19, 2021
in Energy, Spotlight
Shell to divest Nigerian onshore assets
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Royal Dutch Shell disclosed that it has contacted the Nigerian Government about divesting its onshore holding through its onshore joint venture SPDC, citing increased oil spills it has experienced in the Niger Delta region through pipeline sabotage and other issues related to onshore operations.

This was disclosed by CEO, Ben van Beurden on Tuesday, at the Company’s annual meeting, reported by Reuters.

READ: UK Supreme Court says polluted Nigerian communities can sue Shell in English courts

RelatedPosts

Shell to move headquarters to the UK, drops ‘Royal Dutch’ from name

Shell puts up SPDC for sale, launches major divestment from Nigeria

What shell is saying

“We cannot solve community problems in the Niger Delta, that’s for the Nigerian Government perhaps to solve. We can do our best, but at some point in time, we also have to conclude that this is an exposure that doesn’t fit with our risk appetite anymore.”

The CEO added that Shell is in talks with the FG on the way forward as the company has drawn its own conclusion.

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READ: Shell warns investors it may write down up to $22 billion due to oil crash

What you should know

Nairametrics reported in December 2020 that officials of Royal Dutch Shell’s Nigerian subsidiary were accused of allegedly masterminding the damage to oil pipelines so as to benefit from the money spent on repairs and clean-up operations.

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