Shell's Nigerian Onshore Asset Sale Faces Regulatory Hurdles

Shell plc (SHEL) is facing challenges in its efforts to divest its stake in the Shell Petroleum Development Company of Nigeria Limited to Renaissance. The Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") has rejected Shell International's proposal to sell its onshore assets in Nigeria to Renaissance. The deal was valued at $2.4 billion during the time of the announcement. However, the value has reportedly dropped to$1.3 billion at present. Per the Petroleum Industry Act, the regulatory commissio ...