Shell's Nigeria JV Sells Oil Mining Lease Stake for USD 737m.
M2 EQUITYBITES-March 20, 2015-Shell's Nigeria JV Sells Oil Mining Lease Stake for USD 737m
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20 March 2015 - Anglo-Dutch oil and gas company Royal Dutch Shell's The Shell Petroleum Development Co. of Nigeria Ltd. joint venture operator has completed the assignment of its 30% interest in oil mining lease 18 and related facilities in the Eastern Niger Delta, the company said on Friday.
Its interests in OML18 were assigned to Eroton Exploration and Production Co. Ltd. Total cash proceeds for Shell amount to USD 737m.
This divestment is part of the strategic review of SPDC's onshore portfolio and is in line with the Federal government of Nigeria's aim of developing Nigerian companies in the country's upstream oil and gas business.
Shell has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there - both onshore and offshore.
Through SPDC and its other Nigerian companies, Shell responsibly produces the oil and gas needed to help fuel the economic and industrial growth that generates wealth for the nation and jobs for Nigerians.
OML18 covers an area of 1,035 square kilometres and includes the Alakiri...
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