Shell's Onshore Oil Field Sale Worth $1.3B in Nigeria Suffers Setback

Zacks10-21

Shell plc’sSHEL deal to sell its onshore Nigerian subsidiary, Shell Petroleum Development Company Ltd ("SPDC"), for $1.3 billion has suffered a setback, with the Nigerian Upstream Petroleum Regulatory...

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The decision to exit was aimed to refocus on more profitable ventures like deep-water offshore fields.Investors interested in the energysector might look at some better-ranked stocks like PEDEVCO Corp. PED, Nine Energy Service, Inc.NINE and MPLX LPMPLX. While Pedevco currently sports a Zacks Rank #1 , Nine Energy and MPLX each carries a Zacks Rank #2 . You can see the complete list of today’s Zacks #1 Rank stocks here.MPLX LP is a master limited partnership that provid","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4590":"PTP","BK4563":"昨日强势股","LU0300736492.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","BK4201":"综合性石油与天然气企业","BK4213":"石油与天然气的勘探与生产","LU0300736062.USD":"FRANKLIN NATURAL RESOURCES \"A\" (USD) ACC","SHEL":"SHELL PLC SPON ADS EACH REPR 2 ORD SHS","BK4144":"石油与天然气的储存和运输","PED":"Pedevco Corp.","BK4585":"ETF&股票定投概念","NINE":"Nine Energy Service Inc.","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU0278409577.USD":"MANULIFE GLOBAL FUND-GLOBAL RESOURCES FUND \"AA\" (USD) INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","MPLX":"MPLX LP","BK4588":"碎股","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4179":"石油天然气设备与服务"},"translate_title":"壳牌在尼日利亚价值1.3 B美元的陆上油田销售遭遇挫折","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SHEL":1,"PED":1,"NINE":1,"MPLX":0.9},"content_text":"Shell plc’sSHEL deal to sell its onshore Nigerian subsidiary, Shell Petroleum Development Company Ltd (\"SPDC\"), for $1.3 billion has suffered a setback, with the Nigerian Upstream Petroleum Regulatory Commission (\"NUPRC\") stating that the future buyer lacked the required qualifications to manage the assets.\nOverview of SHEL’s Divestment Deal\nSHEL announced its divestment strategy in January 2024, according to which the company had cracked a deal to sell its 15 oil mining leases for onshore and three shallow-water operations, which was held via its Nigerian subsidiary SPDC. The decision to exit was aimed to refocus on more profitable ventures like deep-water offshore fields.\nHowever, the deal completion was subject to approvals by the regulatory authorities and certain other conditions, which were recently rejected, citing the Renaissance Group’s inability to manage the assets as the reason.\nThe sale agreement stated that there would be a change of ownership only. However, the operating capabilities would be retained by SPDC, extending full support to the management of SPDC JV facilities to supply feed gas.\nFuture Projections for Shell\nWith the rejection of the Shell’s divestment plan, the company faces a setback and is doubtful about its onshore assets in Nigeria. However, the company is in conversation with the regulatory authorities, providing them with all the necessary information and documents to complete the sale process.\nSHEL’s Zacks Rank and Key Picks\nLondon-based Shell is one of the primary oil super majors — a group of U.S. and Europe-based big energy multinationals with operations that span almost every corner of the globe. Currently, SHEL has a Zacks Rank #3 (Hold). The company remains a major investor in the West African country of Nigeria even after divesting its onshore business.\nInvestors interested in the energy sector might look at some better-ranked stocks like PEDEVCO Corp. PED, Nine Energy Service, Inc. NINE and MPLX LP MPLX. While Pedevco currently sports a Zacks Rank #1 (Strong Buy), Nine Energy and MPLX each carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nHeadquartered in Houston, TX, PEDEVCO Corp. is an oil and gas company, engaged in the acquisition and development of energy projects in the United States and Pacific Rim countries. Over the past 60 days, the Zacks Consensus Estimate for PED's 2024 earnings has improved by 33.33%.\nNine Energy Service, Inc. provides onshore completion and production services for unconventional oil and gas resource development. NINE’s expected EPS (earnings per share) growth rate for the current quarter is 23.08%, which compares favorably with the industry's growth rate of 6.14%.\nMPLX LP is a master limited partnership that provides a wide range of midstream energy services, including fuel distribution solutions. MPLX’s expected EPS growth rate for three to five years is currently 8.50%, which compares favorably with the industry's growth rate of 5.80%.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nMPLX LP (MPLX) : Free Stock Analysis Report\nPedevco Corp. (PED) : Free Stock Analysis Report\nNine Energy Service, Inc. (NINE) : Free Stock Analysis Report\nShell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477856986"}