Shell sells assets in Nigeria for $600 million

11/26/2014

Shell sells assets in Nigeria for $600 million

ABUJA, Nigeria -- Shell Petroleum Development Company of Nigeria (SPDC), a subsidiary of Royal Dutch Shell, has completed the assignment of its 30% interest in Oil Mining Lease 24 (OML24) and related facilities in the Eastern Niger Delta to Newcross Exploration and Production. Total cash proceeds for Shell amount to some $600 million.

OML24 covers an area of some 430 sq km and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities. The divested infrastructure includes three oil flow-stations and three gas processing plants, in addition to various oil and gas pipelines.

The divested fields produced on average around 13,000 boed during the first half of 2014.

Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%) have also assigned their interests in the lease, ultimately giving Newcross a 45% interest.

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