Shell sells pair of Nigerian assets

Oil threat: militants in the Niger Delta

BARRY MORGAN

related stories

Steve Marshall

, Steve Marshall

 01 December 2011 12:18 GMT

Shell has completed the disposal of a pair of Nigerian assets to local players in sales worth a total of $488 million as it trims its portfolio in the troubled Niger Delta region, where its production has been hit by militant attacks.

The Anglo-Dutch supermajor said in a statement that it has completed the sale of a 30% interest in two oil mining leases and related facilities in the Delta, but affirmed its commitment to remain in Nigeria for the long haul.

The company confirmed the earlier reported sale of its stake in 480 square-kilometre OML 26, where it currently produces 6000 barrels per day of oil from two fields, to Nigerian player FHN26 Ltd, an affiliate of Afren, for $98 million.

Its interest in the other lease, OML 42, was acquired for…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index