A major oil firm has sold one if its oil mining leases in Nigeria for $600million.
The Shell Petroleum Development Company of Nigeria, a subsidiary of Shell, has completed
the assignment of its 30% interest in oil mining lease 24 (OML24) and related
facilities in the Eastern Niger Delta to Newcross Exploration and Production.
OML24 covers an area of 430sq km, including the Awoba, Awoba Northwest and Ekulama fields.
The divested infrastructure includes three oil flow stations and three gas processing plants.
Its fields produced an average of 13,000 barrels of oil equivalent per day during the first half of 2014.
Total E&P Nigeria and Nigerian Agip Oil Company have
also expressed interest in the lease, which could give Newcross a 45%
interest.
Shell has had business in Nigeria for over 50 years.
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