Nigerian player raises $1.1 billion to buy major stake in Niger Delta block with billion-barrel resource base

Anglo-Dutch supermajor Shell and Total have finalised deals valued at $713 million to sell their 30% and 10% stakes in oil block OML 17 in Nigeria to Lagos-based TNOG Oil and Gas.

Shell's other western partner in the block — Eni — has also assigned its 5% lease interest to TNOG, meaning the Nigerian player now holds a 45% interest in the asset.

Assuming the sales deal that Eni executed with TNOG was on the same terms as the agreements reached by Shell and Total, its value would be about $88.8