Shell cashes in OML 34 chips

Game over: for Shell in OML-34

related stories

Steve Marshall

 05 September 2012 14:57 GMT

Shell has netted $400 million from the disposal of its stake in Nigerian onshore block OML 34 after completing the sale to an indigenous consortium as part of its divestment of assets in the volatile Niger Delta region.

ND Western, which comprises Niger Delta Petroleum, Walter Smith and Petrolim, is acquiring Shell’s 30% interest in the lease, having also gained a 15% stake from Total and Eni to give it a total of 45%.

Nigerian Petroleum Development Corporation will assume control of the block with a 55% stake inherited from its state-run parent Nigerian National Petroleum Corporation.

OML 34 covers 950 square kilometres in Delta State and includes the Utorogu, Ughelli and Warri River fields and related facilities, with combined production of about 300 million cubic feet per day of gas and 15,000 barrels per day of…

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