(BRIEF) Shell has reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to the Renaissance consortium. The consortium includes four Nigerian exploration and production corporations and a foreign energy group. The transaction, subject to approval by the Federal Government of Nigeria and other conditions, is intended to enhance SPDC’s operational capabilities, adding technical expertise and control systems. Upon completion, Shell will continue to help manage the SPDC joint venture facilities that generate a significant portion of Nigeria’s LNG. fuel feeder. The move aligns with Shell’s strategy of concentrating on its deepwater and embodied fuels positions, moving away from onshore oil production in the Niger Delta while supporting the expansion of Nigeria’s energy sector.
(PRESS RELEASE) LONDON, January 17, 2024 — /EuropaWire/ — Shell has reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC), to Renaissance, a consortium of five Nigerian-based exploration and production corporations and a foreign energy group.
Completion of the transaction is subject to the approval and conditions of the Federal Government of Nigeria.
The transaction will maintain SPDC’s operational functions to take advantage of the joint venture.
The transaction was designed to maintain all operational functions of SPDC after the replacement of ownership. This includes the technical expertise, control systems, and processes that SPDC implements on behalf of all corporations in the SPDC Joint Venture (SPDC JV)*. SPDC staff will continue to be hired through the company during the transition to a new owner.
Upon completion, Shell will retain the role of supporting control of the SPDC JV facilities that supply a significant portion of Nigeria’s LNG feedfuel (NLNG), for Nigeria to produce maximum NLNG.
Shell to invest in deepwater, built-in fuel positions
“This agreement marks a vital milestone for Shell in Nigeria, aligning with our previously announced goal of initiating onshore oil production in the Niger Delta, simplifying our portfolio and focusing disciplined long-term investments in Nigeria on our deepwater and embodied fuels positions. ” said Zoë Yujnovich, Shell’s Integrated Head of Gas and Upstream.
“This is a moment for SPDC, whose other people have built this company into a high-quality company over the years. Now, after decades as a pioneer in Nigeria’s energy sector, SPDC will move into a new bankruptcy under the leadership of an experienced and ambitious consortium led across Nigeria.
“Shell sees a bright long-term future in Nigeria with positive investor clients for its energy sector. We will continue to develop the country’s energy desires and export ambitions in spaces aligned with our strategy.
* The SPDC JV is an unincorporated joint venture formed by SPDC Ltd (30%), Nigerian National Petroleum Corporation (55%), Total Exploration and Production Nigeria Ltd (10%) and Nigeria Agip Oil Company Ltd (5%).
Notes to editors.
Precaution
The corporations in which Shell plc has direct and indirect investments are separate legal entities. In this press release, “Shell”, “Shell Group” and “Group” are used for convenience when references are made to Shell plc and its subsidiaries infrequently. Likewise, the words “we”, “us” and “our” are also used infrequently to refer to Shell plc and its subsidiaries or those who work for them. These terms are also used when it is not useful to identify the specific entity(ies). “Subsidiaries”, “Shell subsidiaries” and “Shell corporations”, as used in this press release, refer to entities over which Shell plc exercises direct or indirect control. Unincorporated entities and arrangements over which Shell exercises joint control are rarely referred to as “joint ventures” and “joint operations,” respectively. “Joint ventures” and “joint activities” are collectively referred to as “joint arrangements. ” Entities over which Shell has significant influence but without control or joint control are called “associates”. The term “Shell Interest” is used for convenience to imply the direct and/or indirect interest held through Shell in an unincorporated entity or company, after excluding any third party interest.
Forward-Looking Statements
This press release includes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) relating to Shell’s financial condition, effects of operations and business. All advertisements that are not factually old are, or could possibly be considered, forward-looking advertisements. Forward-looking statements are long-term expectations that are based on management’s existing expectations and assumptions and involve known and unknown threats and uncertainties that may also cause actual effects, functionality or occasions to differ materially from those expressed. or implicit in those s. Forward-looking statements include, among other things, those relating to Shell’s prospective exposure to market position threats and those expressing management’s expectations, beliefs, estimates, forecasts, allocations and assumptions. These forward-looking expressions are known by the use of words and expressions such as “target”, “ambition”, “anticipate”, “believe”, “may also”, “estimate”, “expect”, “goals”, “intends”. Array “target”, “ will” and similar terms and expressions. There are a number of points that may also have effects on Shell’s long-term operations and may also cause the effects to differ materially from those expressed in the forward-looking statements included in this press release, which add (without limitation): (a) fluctuations in the value of crude oil and natural gas; (b) adjustments in demand for Shell products; c) currency fluctuations; (d) drilling and production effects; (e) reserve estimates; (f) loss of percentage of market position and competition in the industry; (g) environmental and physical threats; (h) threats related to the identification of suitable housing and potential acquisition targets and the effective negotiation and consummation of such transactions; (i) the threat of doing business in emerging countries and subject to foreign sanctions; j) legislative, judicial, fiscal and regulatory developments, adding regulatory measures to fight climate change; k) economic and monetary market position situations in various countries and regions; (l) political threats, including threats of expropriation and renegotiation of the terms of contracts with government entities, delays or progress in the approval of allocations and delays in the reimbursement of percentage costs; (m) threats related to the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) adjustments in business situations. There can be no assurance that long-term dividend bills will meet or exceed dividend bills. All forward-looking statements contained in this press release are expressly qualified in their entirety by the caveats contained or referred to in this section. Readers deserve not to place undue reliance on forward-looking advertisements. Additional threat points that could possibly have long-term effects are found in Shell plc’s Form 20-F for the fiscal year ended December 31, 2022 (available at www. shell. com/investor and www. sec . gov). These threat points also expressly qualify any forward-looking announcements contained in this press release and deserve the reader’s consideration. Each forward-looking statement speaks only as of the date of this press release, January 16, 2024. Neither Shell plc nor any of its subsidiaries undertakes any legal responsibility to publicly update or revise any forward-looking statement as a result of new information, unless long term. occasions or other information. Notwithstanding such threats, effects may also differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.
Shell’s net carbon intensity
In addition, in this press release, we would potentially refer to Shell’s “net carbon intensity,” which includes Shell’s carbon emissions from the production of our energy products, the carbon emissions of our suppliers when they provide energy for that production, and the carbon emissions of our customers. emissions related to the use of the energy products we sell. Shell only controls its own emissions. The use of Shell’s term “net carbon intensity” is for convenience only and is not intended to recommend that those emissions are those of Shell plc or its subsidiaries.
Shell’s net zero emissions goal
Shell’s operating plan, outlook and budgets are planned for a ten-year era and are updated annually. They reflect the existing economic environment and what we can expect over the next ten years. As a result, they reflect our Scope1, Scope 2, and Net Carbon Intensity (NCI) targets for the next ten years. However, Shell’s operational plans cannot reflect our 2050 net-zero target and our 2035 NCI target, as those targets are out of our hands. It was about plans. Going forward, as the company moves towards net zero, we will expect Shell’s operational plans to reflect this move. However, if the company fails to reach net-zero emissions until 2050, there is now a significant threat that Shell will do so. failure to achieve this goal.
Forward Looking Non-GAAP measures
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SOURCE: Shell plc
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