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Shell Plc agreed to sell its Nigerian onshore oil business to a consortium of local companies for more than $1.3 billion.
If approved by the government, the transaction would fulfill Shell’s long-term goal of extracting itself from a challenging operating environment in the Niger Delta region, while retaining a presence elsewhere in the country. Beyond the initial price tag, Shell said it will receive additional cash payments of as much as $1.1 billion on completion.
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