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Shell Petroleum completes sale of OML 29 & NCTL in Nigeria


Published Mar 27, 2015
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The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), has completed the assignment of its interest in oil mining lease (OML) 29 and the Nembe Creek Trunk Line (OML29 and NCTL) and related facilities in the Eastern Niger Delta.

Its interests in OML29 and the Nembe Creek Trunk Line were assigned to Aiteo Eastern E&P Company Limited. Total cash proceeds for Shell amount to some $1.7 billion.

This 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 Nigerian companies in the country's upstream oil and gas business.

Tags: Shell




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