PRETORIA, January 16. /TASS/. Royal Dutch Shell has reached an agreement to sell its Nigerian onshore subsidiary, the Shell Petroleum Development Company of Nigeria Limited (SPDC), to the Renaissance Consortium, Royal Dutch Shell said in a communique.

"This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta, simplifying our portfolio and focusing future disciplined investment in Nigeria on our Deepwater and Integrated Gas positions," said Zoe Yujnovich, Shell’s Integrated Gas and Upstream Director, as quoted in the document.

The amount of the transaction is $1.3 billion. SPDC has 15 lease agreements for oil production on land and another three in shallow waters in the Niger Delta. The Renaissance Consortium includes ND Western, Aradel Energy, First E&P, Waltersmith and Petrolin.

Completion of the transaction is subject to approvals by the government of Nigeria and other conditions.