Shell Sells 30% Niger Delta Lease Stake
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.
WHAT DO YOU THINK?
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.
Operates 30 Offshore Rigs
- UK Firm Intertek Says Employee Involved in Shell Oil Theft Case (Jan 17)
- Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
- API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)