Shell, Europe's biggest oil company, has announced the sale of some of its Nigerian assets for 102m dollars.
The company says the divestment of its 30% interest in Oil Mining Lease
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It is also, however, in line with the Nigerian government's efforts to develop Nigerian owned companies within the oil and gas sector.
The buyer is a company called Elcrest Exploration and Production Nigeria. As part of the deal Elcrest will also receive the holdings of Total E&P Nigeria (10%) and Nigerian Agip Oil Company (5%) leaving its total stake at 45%.
OML 40 covers an area of 498 square kilometres and includes the Opuama, Abiala and Adagbassa Creek fields. Operations had been shut down since 2006 because of militant activity.
Shell shares were up 0.7% in early trading.
BS
-
How to achieve a secure retirement, as more retirees admit to struggling with debtTwenty-six percent of retirees now have unsecured debt – a sharp rise compared to two years ago – with many underestimating how much a typical retirement costs
-
The key October self-assessment tax return deadlines to remember so you can avoid a shock billThere are two important dates for self-assessment taxpayers to remember in October
