"Shell's $2.4 Billion Exit: Selling Nigeria Onshore Oil Business After Nearly a Century"
After nearly a century of operations in Nigeria's troubled onshore oil and gas sector, Shell has agreed to sell its subsidiary to a consortium of mostly local companies for up to $2.4 billion. The move comes as Shell seeks to exit onshore oil production in the Niger Delta due to ongoing challenges such as theft, sabotage, and operational issues leading to costly repairs and lawsuits. The sale marks a broader retreat by western energy companies from Nigeria, with Shell intending to focus on its more lucrative offshore sector in the country.