E - Shell resumes talks in Nigeria oil fields sale to local firm - Bloomberg

2023-07-31 14:39:14 ET

Shell ( NYSE: SHEL ) has resumed talks to sell its stake in a joint venture that operates onshore and shallow-water oil and gas fields in Nigeria to a local firm, a year after the process was shelved, Bloomberg reported Monday.

Shell ( SHEL ) said in June 2022 that it was delaying the sale of its 30% interest in the partnership with Eni ( E ), TotalEnergies ( TTE ) and Nigerian National Petroleum Co. pending the outcome of a lawsuit at the country's Supreme Court.

A lower court had ordered Shell ( SHEL ) not to sell any assets before the dispute with a community in the crude-rich Niger Delta over alleged pollution is resolved.

The court order remains in place and judges at Nigeria's top court are on summer vacation, but sale talks have resumed in recent weeks and significant progress has been made, according to the report.

Shell ( SHEL ) has sought to exit Nigeria, saying its long-term energy transition strategy was incompatible with operations in the country that are prone to theft and oil spills.

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