↑ Scroll to top

Royal Dutch Shell subsidiary sells 30% interest in Niger Delta lease for $102m EBR Staff Writer

Published: September 4, 2012 | 6:54 am
Text size: -A +A

Nigeria’s Shell Petroleum Development (SPDC), a subsidiary of Royal Dutch Shell, has completed the sale of 30% interest in oil mining lease 40 in the Niger Delta to Elcrest Exploration and Production Nigeria (EEPN) for $102m.

Operations had been shut down since 2006 at the 498km² OML which includes the Abiala, Adagbassa Creek and Opuama fields and related facilities.

SPDC Nigeria country chairman Mutiu Sunmonu said divestment is part of the company’s strategy to refocus its asset portfolio.

“SPDC is positioned well for investment and growth opportunities in all areas, including domestic gas, which will be delivered with the support of our government, partners and the people of Nigeria” Sunmonu added.

Shell owned 30% stake in the joint venture for OML along with Nigerian National Petroleum 55% while Total E&P Nigeria held 10% and Nigerian Agip Oil 5%.

The company said that Total E&P Nigeria and Nigerian Agip Oil have assigned their interests in the OML giving the buyers 45% interest.

The federal government of Nigeria and the Nigerian National Petroleum granted all relevant approvals for the sale.

EEPN is a consortium of Starcrest Nigeria Energy and Eland Oil and Gas.

Since 2010, Shell completed six onshore lease assignments, including this license.


VN:F [1.9.10_1130]
Rating: 0 (from 0 votes)
Share on Facebook Share on Twitter
More posts in category: Latest News
  • S. Korea’s Bahk Says Oil May Push Inflation Above Forecast
  • Judith Crist dies at 90; film critic ‘most hated by Hollywood’
  • Nissan to recall nearly 500,000 March cars in Japan
  • Chrysler 300 Ruyi Design Concept shown at Beijing Auto Show