Deals
Shell in Talks to Sell $2 Billion Nigeria Oil Assets
- Company looking to exit blocks in controversial Niger Delta
- Millionaire Tony Elumelu said to be raising funds for deal
The Agbada oil flow station, operated by Shell Petroleum Development Co. (SPDC) in Port Harcourt, Nigeria, in 2015.
Photographer: George Osodi/Bloomberg
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Royal Dutch Shell Plc is in talks to sell two Nigerian oil licenses in an area that’s at the heart of environmental and human rights controversies for $2 billion, according to people familiar with the plan.
The Anglo-Dutch oil major is discussing selling oil mining licenses 11 and 17 to Heirs Holdings Ltd., a company run by Nigerian tycoon Tony Elumelu, the people said. Included in the sale are infrastructure assets such as a natural gas-fired power plant that would be managed by Transnational Corporation of Nigeria Plc, another company run by Elumelu, they said.