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 oil and condensate.
The latest disposal by Shell follows the recently completed $100 million sale of its interest in OML 40 to Elcrest.
The OML 34 sale is the seventh such transfer of Nigerian leases carried out by the Anglo-Dutch supermajor since 2010 as it curbs its exposure in the troubled oil producing region, where its operations have been hit by militant activity and crude theft as well as environmental issues.
However, Shell said in a statement that it “remains committed” to maintaining a long-term presence in Nigeria, both onshore and offshore.
Source: UpStream
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