Tuesday, October 21, 2014 5:15 pm
Royal Dutch Shell has signed sales and purchase agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the country, a spokesman said on Tuesday.
The assets include oil mining leases (OML) 18, 24, 25, 29 and the Nembe Creek Trunk Line pipeline.
Shell is selling off OML 18, together with its partners Total and Eni, to a consortium led by Canadian oil and gas company Mart Resources.
Mart confirmed it had entered into an agreement for the acquisition of OML 18.
The value of the deals was not disclosed. In August, the Financial Times reported that Shell was close to selling the oilfields for about $5 billion to domestic buyers.
The sale process “has not yet fully concluded but we can confirm that we have now signed sales and purchase Agreements for these Oil Mining Leases and the NCTL”, a Shell spokesman said.
“Nigeria remains an important part of Shell’s portfolio, where we will continue to have a significant onshore presence in oil and gas, and which has clear growth potential, particularly in deep-water and onshore gas,” he added.
In March, Reuters reported that Nigerian firms Taleveras and Aiteo had made the highest bid of $2.85 billion for OML 29, the biggest of the four oil fields. A senior Nigerian oil executive said a consortium headed by Pan Ocean Oil Corporation had bid for OML 24 at a price of about $1 billion.
Shell’s shares were up 3.073 percent at 2,613.5 pence at the close of London trading.