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Stock impact report

Shell Completes Sale of Nigerian Onshore Assets [Yahoo! Finance]

ENI S.p.A. (E) 
US:NYSE Investor Relations: eni.com/en_it/investors.page
Company Research Source: Yahoo! Finance
Shell PLC said Thursday it had completed the divestment of its Niger Delta subsidiary to a Nigerian consortium, in a $1.3 billion transaction previously held back by regulators. Renaissance Africa Energy Holdings has taken over Shell Petroleum Development Company of Nigeria Ltd. (SPDC) and consequently now owns a 30 percent operating stake in the SPDC Joint Venture (JV). The SPDC JV holds 15 onshore oil mining leases (OMLs) and three shallow-water OMLs that have been plagued by oil spills, most of which the British energy giant has blamed on oil theft and sabotage. Nigerian National Petroleum Co. Ltd. is the majority owner of the SPDC JV holding 55 percent. TotalEnergies SE owns 10 percent but has entered into a deal to divest this to Chappal Energies Mauritius Ltd. for $860 million. Eni SpA owns the remaining five percent, previously held via Nigerian Agip Oil Co. Ltd. (NAOC). The Italian state-controlled company sold NAOC to local player Oando PLC for nearly $800 million last Show less Read more
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