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Shell has decided to divest its entire Nigeria Joint Venture portfolio

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Shell to divest all of its operated Joint Venture assets

 

Shell has been active in Nigeria since the 1930s. It’s no exaggeration to say that Nigeria in large part transformed the company into the supermajor IOC we know today.

Now, 63 years after producing its first barrel in Nigeria, it has decided to market all of its operated JV assets held by the Shell Petroleum Development Company (SPDC). This includes a 30% interest in 19 Oil Mining Leases (OMLs) it holds in partnership with NNPC (55%), TotalEnergies (10%) and Eni (5%).

This is a radical step which would have seemed unlikely only 12 months ago, but is highly symbolic of what the Energy Transition means for IOCs in Africa.

ExxonMobil could also divest its 40% stake in its JV with NNPC. Although the company has not set a net-zero target, its shallow water assets are high-cost, high-emission assets which are in steady decline.

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