Shell sells Nigerian Oil assets
In an effort to decrease its exposure to onshore operations within the African country, which are more prone to security threats, Shell sold 30 per cent of its interest in the four oil-mining leases (OML) 18, 24, 25, 29 and the Nembe Creek Trunk Line (NCTL).
Together with its partners Total and Eni, selling 10 per cent and five per cent, respectively, the companies have signed an agreement to sell their 45 percent stake to a consortium that includes Canadian oil and gas company Mart Resources.
The remaining 55% shares of the oil field – which produces up to 30,000 barrels a day – will is owned by the Nigerian National Petroleum Corporation (NNPC) under a Joint Operating Agreement (JOA) with the new buyers.
The value of the deals was not disclosed but the sale is also part of the Europe’s largest oil company’s plan to dispose of $15 billion of assets globally in 2014 and 2015.
Following years of militant attacks on its facilities, oil theft, and oil spills, Shell had announced in 2009 it was seeking buyers for its Nigerian oil assets. The present deal should therefore not come as a surprise.
Finally, the company confirms however that Nigeria will remain an important part of Shell’s portfolio, with a significant onshore presence in oil and gas, and a clear growth potential.