LONDON: Shell has agreed to sell its Nigerian onshore oil and gas subsidiary in Nigeria to Renaissance, a consortium of five companies, for up to $2.4 billion, the British company said on Tuesday.

Shell will sell The Shell Petroleum Development Company of Nigeria Limited (SPDC) for a consideration of $1.3 billion, it said in a statement, while the buyers will make an additional payment of up to $1.1 billion relating to prior receivables at completion.

Renaissance is made up of ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.

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Shell has sought to sell its Nigerian oil and gas business, which has been plagued by spills and theft for years, since 2021.