Energy Markets
Nigeria rejects Shell's $1.3 billion oil possession sale, ThisDay reports
Nigeria's oil regulator has rejected Shell's proposed $1.3 billion sale of its onshore oilfields to Renaissance group since the purchaser is not certified to manage the assets, Lagosbased ThisDay paper reported on Wednesday. Shell on Jan. 16 revealed its exit from Nigeria's onshore and shallow water operations after consenting to sell business to a consortium of 5 mainly regional business, deciding to focus future financial investments in the more rewarding and less struggling deep offshore fields. Nigerian Upstream Petroleum Regulatory Commission (NUPRC). decreased to approve the sale because the Renaissance consortium. might disappoint it could handle the assets. The companies...