Shell to divest its entire Nigeria JV portfolio

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10 August 2021

Shell to divest its entire Nigeria JV portfolio

Report summary

Shell has been active in Nigeria since the 1930s. It’s no exaggeration to say that Nigeria helped transform the company into the supermajor IOC we know today. Now, 63 years after producing its first barrel in Nigeria, it plans to divest all of its operated JV licences held by the Shell Petroleum Development Company (SPDC). This includes a 30% interest in 19 Oil Mining Leases (OMLs)1. 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. We analyse the decision to sell, what's available, what will drive value and what it means for Shell's future in Nigeria.

Table of contents

  • Shell and Nigeria go back a long way
  • The Niger Delta: incompatible with Shell's net-zero ambition
  • Shell JV in Lens
  • Setting the ground rules
  • Can buyers be found?
  • What will drive value?
  • Does this mean that Shell is leaving Nigeria?

Tables and charts

This report includes 4 images and tables including:

  • Emissions intensity of Shell's Nigeria assets by water depth (tCO2e/kboe)
  • Shell JV
  • Net NPV10 of Shell JV assets by OML
  • Shell's JV assets

What's included

This report contains:

  • Document

    Shell to divest its entire Nigeria JV portfolio

    PDF 1.69 MB