Wednesday, 5 September 2012

News Report: Royal Dutch Shell Plc Divests 30% Of Nigerian Interest

Royal Dutch Shell Plc said that its subsidiary in Nigeria, Shell Petroleum Development Of Nigeria Limited(SPDC) has divested its 30 percent interest in Oil Lease 40 in the South-South region of Nigeria. The deal reportedly fetched SPDC, the sum of $102 million, chidi opara reports learned.

The interest was sold to Elcrest Exploration and Production Nigeria Limited. Elcrest is a joint venture between Scottish Eland Oil and Gas and Nigerian Starcrest.  

Elcrest also got10% from the Nigerian subsidiary of Total SA and 5% from Nigerian Agip Oil Company Limited, making its total stake 45%. Nigeria’s National Oil and Gas Corporation, Nigerian National Petroleum Corporation(NNPC) controls the remaining 55%.

This sale is Shell’s sixth divestment in Nigeria since 2010.

Shell sold stakes in Oil Mining Lease 26 in December 2011 to FHN26 Limited, a subsidiary of Afren Plc, for $98 million. Oil Mining Lease 42 was also sold to Neconde Energy Limited for $390 million.

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