Shell Plc said it has “reached an agreement to sell its Nigerian onshore subsidiary, The Shell Petroleum Development Company of Nigeria Limited (SPDC).”

The SPDC is to be sold to Renaissance, a consortium of five companies comprising four exploration and production companies based in Nigeria and an international energy group for $2.4 billion.

However, the Shell said the completion of the transaction is subject to approvals by the Federal Government of Nigeria and other conditions.

In a statement on its website on Tuesday, it was disclosed that the transaction has been designed to preserve the full range of SPDC’s operating capabilities following the change of ownership.

This, it said, “includes the technical expertise, management systems and processes that SPDC implements on behalf of all the companies in the Shell Petroleum Development Company Joint Venture (SPDC JV)”.

The statement added that SPDC’s staff will continue to be employed by the company as it transitions to new ownership.

“Following completion, Shell will retain a role in supporting the management of SPDC Joint Venture facilities that supply a major portion of the feed gas to Nigeria LNG (NLNG), to help Nigeria achieve maximum value from NLNG,” the statement read partly.