Close 

Shell group sells another Nigerian stake

Shell Petroleum Development Co. of Nigeria (SPDC) has completed its eighth sale of onshore interests in Nigeria with the transfer of a 30% stake in Oil Mining Lease 30 in the Niger Delta to Shoreline Natural Resources Ltd. (OGJ Online, Sept. 7, 2012).

Total cash proceeds to Shell are $567 million.

OML30, covering 1,097 sq km, includes Kokori, Afiesere, Oweh, Olomore, Eriemu, Evwreni, Oroni, and Isioka fields, which produce about 35,000 b/d of oil and condensate. The sale includes most of the Trans Forcados crude oil pipeline between OML30 and the Forcados River manifold.

The SPDC joint venture—including Nigerian National Petroleum Corp. (55%), Shell (30%), Total E&P Nigeria Ltd. (10%), and Nigerian Agip Oil Co. Ltd. (5%)—retains an 8 km pipeline link to the Forcados terminal.

Total E&P Nigeria and Nigerian Agip have assigned their interests in the lease to Shoreline, which now holds a 45% interest. Shoreline is a Nigerian joint venture of Shoreline Power Co. Ltd. and Heritage Oil PLC.


To access this Article, go to:
http://www.ogj.com/content/ogj/en/articles/2012/11/shell-group-sells-another-nigerian-stake.html