LONDON - Shell Petroleum Development Company of Nigeria Ltd., a subsidiary of Royal Dutch Shell PLC, said Monday it completed the assignment of its 30% interest in Oil Mining Lease 40 in the Niger Delta to Elcrest Exploration and Production Nigeria Ltd. for $102 million on Aug. 31.
-Divestment is part of Shell's strategy of refocusing its onshore interests in Nigeria and in line with the Federal Government of Nigeria's aim of developing Nigerian companies in the country's upstream oil and gas business.
-Including this license, six onshore lease assignments have been completed by SPDC in Nigeria since 2010.
-Elcrest Exploration and Production Nigeria Ltd. is a majority Nigerian-owned consortium consisting of Starcrest Nigeria Energy Ltd. and Eland Oil and Gas Ltd.
Copyright (c) 2012 Dow Jones & Company, Inc.
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