SPDC divests oil mining lease 18 in Nigeria.
M2 EQUITYBITES-March 20, 2015-SPDC divests oil mining lease 18 in Nigeria
(C)2015 M2 COMMUNICATIONS http://www.m2.com
Shell Petroleum Development Company of Nigeria (SPDC) said on Friday that it has completed the sale of its 30% interest in oil mining lease (OML) 18 and related facilities in the Eastern Niger Delta for total cash proceeds of USD737m upon approval from the relevant authorities of the Federal Government of Nigeria.
According to the company, the interests in OML18 were sold to Eroton Exploration & Production Company Limited.
OML18 reportedly covers an area of 1,035 square kilometres and includes the Alakiri, Cawthorne Channel, Krakama, and Buguma Creek fields and related facilities. The divested...
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