Shell Sets To Sell More Oil Assets In Nigeria
FCGs reports that Shell Plc is set to resume talks to sell some of its Nigerian oil fields. The oil giant is said to be in negotiations with Eroton Exploration and Production Company Ltd. to offload some of its assets in Nigeria. Shell has been operating in Nigeria since 1937 and is the largest oil producer in the country, accounting for about 40 per cent of the nation’s total oil production. The company has a long history of exploration and production activities in Nigeria, and it currently operates more than 200 oil and gas fields in the country.
FCGs learnt that Nigeria is Africa’s largest oil producer and one of the world’s top 10 oil producers. The country is estimated to have the ninth-largest proven oil reserves in the world, with an estimated 37 billion barrels of oil. Oil and gas account for about 90 per cent of Nigeria’s export earnings and more than 70 per cent of its government revenue. Eroton Exploration and Production Company Ltd. is a Nigerian oil and gas exploration and production company. It is a joint venture between the Nigerian National Petroleum Company Limited (NNPCL) and a consortium of Nigerian investors. The company was established in 2018 and is focused on developing and producing oil and gas resources in Nigeria.
Shell has been in talks with Eroton Exploration and Production Company Ltd. since 2019 to sell some of its Nigerian oil fields. The company is reportedly looking to offload some of its assets in the country as part of its strategy to focus on more profitable areas. The sale of the assets is expected to generate billions of dollars for Shell.