Shell finalizes Nigerian lease sale

November 12, 2012

SPDC, a subsidiary of Royal Dutch Shell, has completed a sale of its 30% interest in Oil Mining Lease 30 (OML 30) in the Niger Delta to Shoreline Natural Resources Limited for $567 million.

The company said the divestment is part of a plan to reshape SPDC's onshore portfolio.

'Shell has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there – both onshore and offshore,' the company said in a press release regarding the sale.

Shell's partners in OML 30, Total and Nigerian Agip Oil Company have also given their interests (10% and 5%, respectively) in the lease to Shoreline, boosting the company's total stake in OML 30 to 45%.

OML 30 encompasses 1,097 km2 and includes the Kokori, Afiesere, Oweh, Olomore, Eriemu, Evwreni, Oroni and Isioka fields and related facilities.

The divested infrastructure includes most of the Trans Forcados major crude oil pipeline from OML 30 to the Forcados River manifold. The remaining 8km to the Forcados terminal will remain with the SPDC joint venture.

The divested fields produced around 35,000 barrels per day of oil and condensate (100%).



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