Multinational oil giant Shell has announced its plans to withdraw from Nigeria’s onshore oil sector.

It noted that its continued operation in the beleaguered Niger Delta region was against the interest of the company.

The CEO, Van Beurden, announced the development at the company’s annual general meeting on Tuesday.

It was reported that Beurden said his organisation was already meeting with the Nigerian government to work out ways on how to relinquish its onshore licenses.

Beurden explained that Niger Delta oil is no longer favourable for its business, and that the frequent cases of oil theft and sabotage and spillage don’t fit with the organisation’s strategic aspirations

“The balance of risks and rewards associated with our onshore portfolio is no longer compatible with our strategic ambitions,” Mr Beurden said. “We cannot solve community problems in the Niger Delta.”

He further noted that Shell proposed disengagement from Nigeria’s onshore sector would not affect its offshore operations, and that the organisation was still very much interested in exploring the country’s deep water and natural gas.

Shell, had in the cause of its onshore operations in Nigeria, encountered numerous problems ranging from oil theft and pipeline sabotage, as well as lawsuits instituted by local communities over oil spills.

In February, Buren while decrying the increasing sabotage and theft of oil in Nigeria said that the multinational giant was considering sales of its onshore assets in Nigeria.

He explained that growing cases of theft and sabotage in the Niger-Delta region could force the organisation to reconsider its onshore operations in Nigeria.

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