Deal Insight
Shell exits its Nigeria SPDC Joint Venture
Report summary
Renaissance Africa Energy Company, a consortium of ND Western, Aradel Energy, First E&P, Walter Smith and Petrolin agreed a US$1.3 billion deal (excluding US$1.1 billion of receivables) to acquire Shell’s Nigeria JV subsidiary, SPDC. This is the fourth corporate transaction involving the Majors selling legacy assets in Nigeria since 2022. SPDC operates 15 onshore and 3 shallow water licences, 2 oil export terminals and various related oil and gas infrastructure.
Table of contents
- Executive summary
- Transaction details
- Upstream assets
- Deal analysis
-
Upsides and risks
- Resource upside
- Gas monetisation
- Fiscal term conversion
- Historical liabilities
- Crude theft
- Deal closure timelines
-
Strategic rationale
- Shell
- Renaissance Africa Energy Company (RAEC) consortium
- Oil & gas pricing and assumptions
Tables and charts
This report includes 12 images and tables including:
- Executive summary: Table 1
- Breakdown of deal payments
- Shell's SPDC JV assets
- Shell's 30% share of resources and oil and gas production by OML
- Upstream assets: Table 1
- Woodmac's net NPV10 of Shell's JV assets by OML
- Deal analysis: Table 1
- Deal analysis: Table 2
- Deal analysis: Table 3
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- RAEC group net oil and gas production by OML
What's included
This report contains:
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