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.
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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