Shell
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.
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
