Pending government approval, this move aligns with Shell's strategic aim to disengage from challenges in the Niger Delta region, Bloomberg reported.
Shell said it will receive additional payments of as much as $1.1 billion.
“This agreement marks an important milestone for Shell in Nigeria,” Zoe Yujnovich, integrated gas and upstream director, said in a statement on Tuesday.The deal is “simplifying our portfolio and focusing future disciplined investment in Nigeria on our deepwater and integrated gas positions”
Since 2021, Shell has actively pursued the sale of its Nigerian oil and gas business, which has long grappled with issues of spills and theft.