Oil and Gas
Shell to sell its Nigeria gas business to Vaaris Energy
Shell said on Tuesday 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. Reuters
-
Agriculture23 hours agoNSDC signs $1bn agreement with Chinese Sinomach for engineering, procurement, construction, financing for sugar production in Nigeria
-
Economy23 hours agoIMF MD says AI to affect 40% of global jobs as World Bank shifts focus to job creation, productivity through AI,
-
Oil and Gas23 hours agoDangote refinery initial IPO extended by two weeks, received subscriptions more than three or four times figure planned
-
News23 hours agoSanwo-Olu, ICSAN members urge firms to balance profit with purpose
-
Economy23 hours agoNigeria became world’s capital of multidimensional poverty under Tinubu’s administration—Report
-
Oil and Gas23 hours agoOil prices rise 2% as attacks on Saudi Arabia overshadow Trump’s diesel deal
-
Finance31 minutes agoIMF raises concern on hidden risks in Nigeria’s $5bn swap financing programme
-
News28 minutes agoSingle window records about 30% rise in import permits, licences—Official