Royal Dutch Shell, Europe's largest oil company, is planning to sell oilfields in Nigeria valued at up to $5 billion, the Sunday Times reported, citing sources linked to companies interested in the assets. The newspaper said the auction comes as Nigeria prepares to impose harsher terms on foreign operators and hand greater control to domestic firms.
The oil giant, which declined to comment on the report, is the biggest and longest standing Western oil producer in Nigeria. But production has been hampered by insecurity in the oil-rich Niger Delta, government funding shortfalls and an uncertain regulatory environment.