Sources: Shell To Sell At Least 4 More Nigeria Oil Blocks


ABUJA, July 31 (Reuters) - Royal Dutch Shell will sell at least four more oil blocks in Nigeria in its latest divestment from Africa's top oil exporter, three oil industry sources familiar with the deals said on Wednesday.

The blocks are Oil Mining Licenses (OMLs) 13 and 16 onshore the Niger Delta, and OML 71 and 72, which are in shallow water, the sources told Reuters. A Shell spokesman declined to comment.

OML 13 and 16 lie in the Ogoniland region where Shell has experienced long-running disputes with local communities, multiple oil spills and widespread pipeline sabotage and theft.

OML 13 covers a large geographical area and has big gas reserves, while OML 16 is a much smaller asset, sources said. OML 72 has proven oil reserves of around 120 million barrels, while OML 71 has significantly lower reserves, one source said.

Shell has been discussing renewing these licenses with the Nigerian government for years but has yet to reach a deal.

The blocks are in joint ventures, with the Nigerian National Petroleum Corp. (NNPC) owning 55 percent, Shell 30 percent, Total 10 percent and Eni 5 percent. In all previous deals, Total and Eni have also sold their shares.

Eni declined to comment and Total had no immediate comment on what their plans were for their stakes in the blocks.


View Full Article

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.38/BBL 2.44%
Light Crude Oil : $50.43/BBL 2.26%
Natural Gas : $3.14/MMBtu 0.94%
Updated in last 24 hours