Shell to sell its Nigeria gas business to Vaaris Energy

Shell said on Tuesday that it has signed an agreement to sell its full interest in the Shell Nigeria Gas Group, which operates a domestic gas distribution business in the country, to Vaaris Energy.

Here ​are more details:

• The sale is a part ⁠of CEO Wael Sawan's ongoing efforts ​to simplify Shell's portfolio and shift focus away ​from renewables, seeking better returns in oil and gas projects
• "Shell continues to focus on strategic Deepwater ​and Integrated Gas positions in Nigeria," ​said Elohor Aiboni, Shell’s Country Chair in Nigeria
• The ‌companies ⁠did not disclose the monetary value of the sale
• Last week, the oil major raised its third-quarter integrated gas production forecast to ​between 740,000 ​and 780,000 ⁠barrels of oil equivalent per day, from a previous estimate ​of 570,000 to 630,000 boepd
• Vaaris Energy ​is ⁠a privately held Nigerian energy company with interests across the oil and gas value ⁠chain ​and an existing operational ​footprint in the country

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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.