Shell sells OML 18 oil field stake in Nigeria

Shell sells OML 18 oil field stake in Nigeria

Friday, March 20, 2015 2:31 pm

Royal Dutch Shell said on Friday it had completed the sale of its stake in a Nigerian oil field for $737 million as the Anglo-Dutch oil major nears the completion of a strategic asset review in the West African country.

Oil and Mining Lease (OML) 18 and “related facilities in the Eastern Niger Delta” were sold to Eroton Exploration & Production Company Limited.

Eroton also acquired French oil major Total’s 10 percent stake and Italy’s Eni’s 5 percent stake in OML 18, giving it a total 45 percent holding, Shell said in a statement.

OML 18 produced around 14,000 barrels of oil equivalent per day in 2014.

Shell announced last October that it had signed sales agreements for all five Nigerian oil assets it put up for sale following a 2013 review of its business in Nigeria.

The Anglo-Dutch company completed the sale of OML 24 in November.


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