Shell pauses sale of Nigerian onshore oil assets

Shell pauses sale of Nigerian onshore oil assets

Shell (SHEL.L) said on Thursday it had suspended plans to sell its onshore oil assets in Nigeria, complying with a Supreme Court ruling that said it had to wait for the outcome of an appeal over a 2019 oil spill.

“Shell welcomes the Nigerian Supreme Court’s decision to hear the appeal of the Shell Petroleum Development Company of Nigeria Ltd (SPDC) in this case,” the London-based company said in a statement.
“Until the outcome of SPDC’s appeal, Shell will not progress the divestment of its interest in SPDC.”

Nigeria’s Supreme Court on June 16 upheld a lower court ruling that stopped Shell from selling its assets in Nigeria until a dispute over a lower court decision to award a Niger Delta community $1.95 billion in compensation over the spill is resolved.

Shell wants to sell its 30% stake in SPDC, which it also operates, as the joint venture struggles with hundreds of spills that are caused mostly by theft.



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