With UK major Shell having finalized the sale of its entire onshore and shallow water assets in Nigeria, only two…
The post ENI, XOM, Shell Down; Chevron, TOTAL Next to Go? first appeared on Africa’s premier report on the oil, gas and energy landscape.
Lagos, Nigeria – March 17, 2025 – Nigeria’s oil and gas sector is undergoing a significant transformation as international oil companies reassess their involvement in the region. The recent sale by Shell of its onshore and shallow water assets to the Renaissance Consortium marks a major shift, leaving only Chevron (US) and TotalEnergies (French) with operated assets in these terrains.
Key Developments:
- Shell’s Exit: UK major Shell has completed the sale of its onshore and shallow water assets in Nigeria to the Renaissance Consortium.
- Chevron’s Future: Following Shell’s departure, there is speculation that Chevron will invite bids for its assets in Nigeria.
- Total Energies’ Position: The future of Total Energies’ onshore and shallow water assets is currently under debate.
- Past Divestments: Both Chevron and Total Energies have previously divested some of their assets in Nigeria.
- Total Energies’ Recent Sale: Total Energies recently sold its 10% stake in 15 Oil Mining Leases (OMLs) within the SPDC/TOTAL/ENI/NNPC joint venture to Chappal Energies.
Implications:
The departure of Shell and potential further divestments by other major oil companies reflect a changing dynamic in Nigeria’s oil and gas sector. These changes could be influenced by factors such as security concerns, regulatory uncertainty, the global energy transition, and a focus on deep water exploration. The long-term impact on Nigeria’s oil production and economy remains to be seen.
