Nigeria has blocked Shell's sale of its entire onshore and shallow-water oil operations, but approved a similar deal by Exxon Mobil , the country's upstream oil regulator said on Monday.

Nigeria's recent decision to block Shell's $2.4 billion asset sale signals challenges in attracting foreign investment. Despite efforts by President Bola Tinubu, regulatory delays hinder progress, impacting the oil sector,

ABUJA (Reuters) - Nigeria has failed to approve the sale of Shell's entire onshore and shallow-water oil and gas in the Niger Delta region to Renaissance, the country's upstream regulator said on Monday.

Nigeria has blocked the sale of Shell's entire onshore and shallow-water oil and gas assets in the Niger Delta, the country's upstream regulator said on Monday, roughly 10 months after the deal was announced.

The Nigerian government has refused approval for Shell's sale of its onshore and shallow-water oil and gas assets in the Niger Delta to Renaissance for $2.4 billion. This decision was announced by the CEO of the Nigerian Upstream Petroleum Regulatory Commission during an event in Abuja.

Nigeria's regulatory authorities have approved the sale of ExxonMobil's assets to Seplat Energy while halting Shell's planned divestment of its onshore and shallow-water operations, reported Reuters.

Nigeria has declined to approve the sale of Shell's (NYSE:SHEL) onshore and shallow-water oil and gas in the Niger Delta region to a consortium of local companies, the country's upstream regulator said Monday.