Shell/BP: The big sell-off

The Africa Report

8 February 2011

Shell/BP: The big sell-off

Majors plan sales to assorted consortia, triggering welcome interest 
in Shell’s Nigerian assets as BP looks to raise much-needed cash

Two majors, Shell and BP, are setting up for a sale of African assets. Shell is streamlining its downstream Nigeria oil rights and has triggered a stampede. At least 18 consortia have been put together, involving illustrious names such as Rothschild. Others include some usual suspects, such as Gazprom, and plenty of local partners, such as Afren, Oando and Seven Energy. China is represented by Addax and Oryx, which Sinopec bought for $7.5bn in 2009.