Gulf Oil and Gas accountACCOUNT

SPDC Completes 8th Nigerian Oil Mining Lease Sale

Source: www.gulfoilandgas.com 11/9/2012, Location: Africa

The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), has completed the assignment of its 30% interest in Oil Mining Lease 30 (OML30) in the Niger Delta to Shoreline Natural Resources Limited (Shoreline). Total cash proceeds for Shell amount to some US$567 million.

This divestment is part of the re-shaping of SPDC’s onshore portfolio and is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business.

Shell has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there – both onshore and offshore. Through SPDC and its other Nigerian companies, Shell responsibly produces the oil and gas needed to fuel the economic and industrial growth that generates wealth for the nation and jobs for Nigerians.

OML30 covers an area of some 1097 square kilometres and includes the Kokori, Afiesere, Oweh, Olomore, Eriemu, Evwreni, Oroni and Isioka fields and related facilities. The divested infrastructure includes most of the Trans Forcados major crude oil pipeline from OML30 to the Forcados River manifold. The remaining 8 km to the Forcados terminal will remain with the SPDC joint venture. The divested fields produced around 35,000 barrels per day of oil and condensate (100%).

Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%) have also assigned their interests in the lease, ultimately giving Shoreline a 45% interest. All approvals have been received from the relevant authorities of the Federal Government of Nigeria.

Acquisitions and Divestitures News in Nigeria >>

Russia >>  7/22/2019 - PAO NOVATEK announced the closing of the sale of participation interests in Arctic LNG 2 Project (“Project”) to wholly owned subsidiary of China Nati...
Brazil >>  7/19/2019 - Petrobras informs that the company Trident Energy presented the best final offer in a competitive process for the acquisition of the totality of the c...

Colombia >>  7/19/2019 - Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, announces that following the receipt of interest in the Compan...
Russia >>  7/19/2019 - Gazprom Neft and SIBUR have consolidated 100 percent of the charter capital in the Poliom LLC polypropylene plant in Omsk, with the Gazprom Neft—SIBUR...

Brazil >>  7/18/2019 - Ecopetrol S.A. reports that the Ministry of Mines and Energy of Brazil has authorized the transfer of a 10% stake in the Saturno block, located in the...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 |

Oil & Gas Projects in Nigeria >>

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.