Uncategorized

Shell To Sell Four Nigerian Oil Blocks

Published

9 years ago

August 14, 2014

Royal Dutch Shell has made moves to sale four onshore oil blocks in Nigeria, the deal now is almost done just needing Nigeria’s consent.
The deal for two blocks have already been agreed on but needs government approval as the only hurdle to clear before the SPDC – a partnership between Shell, Total, Eni and the Federal Government – can formally announce the deals.
One source told Dailymail.Uk that the deal is Imminent but he did not offer any information on the reported deal to sale Nembe Creek pipeline.
These assets are said to worth £2bn, form part of a planned £9bn of sales over two years, as shell is trying to reduce costs and focus on the most performing projects.
Shell is said to value more its offshore projects in Nigeria as onshore has been affected by vandalism and spills which have dampened the company’s profits and reputation.
SPDC spokesman said: “We have signed sales and purchase agreements for some of the oil mining leases but not all that we are seeking to divest”.
“In the event of a successful completion of the sales process, we shall make a market announcement,” he added