Shell to sell its Nigeria gas business to Vaaris Energy

Wait 5 sec.

Shell said on Tuesday that it has signed an agreement to sell its full interest in the Shell Nigeria Gas Group, which operates a domestic gas distribution business in the country, to Vaaris Energy.Here ​are more details:The sale is a part ⁠of CEO Wael Sawan’s ongoing efforts ​to simplify Shell’s portfolio and shift focus away ​from renewables, seeking better returns in oil and gas projects“Shell continues to focus on strategic Deepwater ​and Integrated Gas positions in Nigeria,” ​said Elohor Aiboni, Shell’s Country Chair in NigeriaThe ‌companies ⁠did not disclose the monetary value of the saleLast week, the oil major raised its third-quarter integrated gas production forecast to ​between 740,000 ​and 780,000 ⁠barrels of oil equivalent per day, from a previous estimate ​of 570,000 to 630,000 boepdVaaris Energy ​is ⁠a privately held Nigerian energy company with interests across the oil and gas value ⁠chain ​and an existing operational ​footprint in the country