Shell to sell its Nigeria domestic gas business to Vaaris Energy

Shell said on Tuesday 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.

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 Nigeria.

The ‌companies ⁠did not disclose the monetary value of the sale.

Last 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 boepd.

Vaaris 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.

Reuters