Shell sells stake in onshore Nigeria lease

Shell Petroleum Development Co. of Nigeria has completed the assignment of its 30% interest in Oil Mining Lease (OML) 40 in Nigeria’s Niger Delta to Elcrest Exploration & Production Nigeria Ltd.

Total cash proceeds were $102 million.

Elcrest is a joint venture of Starcrest Nigeria and Eland Oil & Gas PLC.

Shell said the transaction was part of its refocusing of onshore interests in Nigeria and in line with a government program of developing Nigerian companies in the exploration and production business.