Shell signs agreement to sell Nigeria domestic gas business to Vaaris Energy

By Monireoluwa Lucas

Shell Petroleum B.V. has signed an agreement to sell its full interest in the Shell Nigeria Gas Group to Vaaris Energy Limited. Shell Nigeria Gas operates a domestic gas distribution business in Nigeria.

“Shell Nigeria Gas has served industrial and commercial customers in Nigeria for more than 25 years, supported by the commitment and expertise of its people,” said Shell’s Country Chair in Nigeria, Elohor Aiboni.

“We believe this agreement provides a much stronger platform for the business’ next chapter under new ownership. Shell continues to focus on strategic Deepwater and Integrated Gas positions in Nigeria.”

The transaction is subject to regulatory conditions and approvals. Until completion, the Shell Nigeria Gas Group will remain part of Shell and will continue to serve its customers and operate as usual.

The transaction includes Shell Nigeria Gas Holding B.V., which was established in 2019 and holds all the shares, except for one, in Shell Nigeria Gas Limited.

Vaaris Energy Limited is a Nigerian energy company with interests across the oil and gas value chain and an existing operational footprint in the country.

The sale is consistent with Shell’s focus on simplifying its portfolio and concentrating investment in areas where it has competitive strengths.