Shell is battling to win approval for the $1.3bn sale of its onshore oil and gas business in Nigeria after the divestment was blocked by regulators. The company and the proposed buyer Renaissance Africa Energy were informed by the Nigerian Upstream Petroleum Regulatory Commission in August that the deal could not be approved in its current form, according to people familiar with the matter.
However, the regulator has expressed several concerns over the proposal, the people familiar with discussions said, adding that the deal may need to be restructured to win approval. The Renaissance consortium includes Switzerland-based Petrolin and four Nigerian oil producers, ND Western, Aradel Holdings, First E&P and Waltersmith.
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