Shell has completed the sale of its OML (Oil Mining Lease) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta for $1.7billion.
The subsidiary, the Shell Petroleum Development Company of Nigeria, said its interests have been assigned to Aiteo Eastern E&P company limited.
The divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the federal government of Nigeria’s aim of developing the country’s upstream oil and gas business.
OML 29 covers an area of 983 square kilometres and includes the Nembe, Santa Barbara and Okoroba fields.
Total E&P Nigeria Limited and Nigerian Agip Oil company have also assigned their interests of 10% and 5% in the lease, giving Aiteo Eastern E&P a 45% interest in OML 29 and the Nembe Creek Trunk Line.
Earlier this month the oil major completed the sale of its stake in other Nigerian oil fields for $737million.
The OML 18 and related facilities in the Easter Niger Delta were sold to Eroton Exploration & Production Company.