Shell has bagged over $100 million after completing the sale of its large interest in a Nigeria block which has been shut for over five years due to militant activity.
The deal for the Anglo-Dutch supermajor’s 30% holding in OML 40 to Elcrest Exploration & Production Nigeria has been pushed through.
Total cash proceeds to Shell Nigeria Development Company, the supermajor’s joint venture in the country, are $102 million.
“This divestment is part of Shell's strategy of refocusing its onshore interests in Nigeria and in line with the Federal Government of Nigeria's aim of developing Nigerian companies in the country's upstream oil and gas business,” Shell said on Monday.
The block contains the Apuama, Abiala and Adaghasa Creek fields and is spread over some 498 square kilometres.
Shell agreed to sell the stake to Elcrest – a joint venture between Eland Oil & Gas and Starcrest Nigeria Energy – in April last year.
Total sold its 10% stake and Eni its 5% share to hand Elcrest a 45% holding with the remaining 55% to be held by the Nigerian National Petroleum Corporation.
Source: Upstream
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