Shell said on Tuesday that it has signed an agreement to sell its full interest in the Shell Nigeria Gas Group, which operates a domestic gas distribution business in the country, to Vaaris Energy.
Here are more details:
- The sale is a part of CEO Wael Sawan’s ongoing efforts to simplify Shell’s portfolio and shift focus away from renewables, seeking better returns in oil and gas projects
- “Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria,” said Elohor Aiboni, Shell’s Country Chair in Nigeria
- The companies did not disclose the monetary value of the sale
- Last week, the oil major raised its third-quarter integrated gas production forecast to between 740,000 and 780,000 barrels of oil equivalent per day, from a previous estimate of 570,000 to 630,000 boepd
- Vaaris Energy is a privately held Nigerian energy company with interests across the oil and gas value chain and an existing operational footprint in the country