Shell has rescinded its decision to divest its Nigerian onshore oil assets.
The company chose instead, to comply with the outcome of a Supreme Court ruling over an oil leak filed by a community in Bayelsa State.
A report by ICIR said this was contained in a statement issued on Thursday and signed by the Managing Director of Shell Petroleum Development Company of Nigeria (SPDC) and Chairman of Shell companies in Nigeria, Osagie Okunbor.
“Shell welcomes the Nigerian Supreme Court’s decision to hear the appeal of the Shell Petroleum Development Company of Nigeria Ltd (SPDC) in this case. Until the outcome of SPDC’s appeal, Shell will not progress the divestment of its interest in SPDC,” the statement read.
The Court of Appeal and Federal High Court, Owerri, had awarded $1.95 billion compensation to 88 communities in Rivers State for a 2019 oil spill, which damaged their farms and waterways and was blamed on Shell.
