Shell is set to receive two final offers this week for its onshore oil and gas fields in Nigeria, which were valued last year at $2.3B but likely now worth significantly more, Bloomberg reported Wednesday.
Local companies Heirs Oil and Gas and ND Western are competing to buy Shell’s (SHEL) 30% stake in the venture, which operates assets in the Niger Delta and nearby offshore areas, according to the report.
Shell said last year that it would seek to sell the stake, as its long-term energy transition strategy was incompatible with Nigerian operations prone to spills and theft.
Shell is not the only oil major departing Nigerian onshore and shallow water fields; TotalEnergies has said it wants to sell its 10% interest in the same joint venture Shell is exiting, and Exxon said in February it was selling its shallow-water assets for ~$1.3B.
