Shell has announced its withdrawal from oil exploration in Nigeria, revealing its intention to divest its onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited to Renaissance.

The newly appointed custodians of the exploration subsidiary form a consortium of five entities, comprising four indigenous exploration and production companies based in Nigeria, alongside an international energy group. This strategic move was communicated through an official statement released in London on Tuesday and made available on the company’s website.

The press statement emphasised that the sale is contingent upon obtaining approvals from the Federal Government, in addition to meeting other conditions stipulated by governmental and market regulators.

Notably, the terms of the sale have been crafted to preserve SPDC’s operational capabilities following the ownership transition.