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Friday, November 21, 2014
SPDC completed the assignment of its 30% interest in OML 24 and related facilities in Nigeria’s eastern Niger Delta to Newcross Exploration and Production Ltd. (Newcross). Total cash proceeds for Shell amount to some $600 million.
This sale is just one of many completed by Shell in Nigeria and is in line with the Nigerian government’s aim at developing its local content in the oil and gas sector.
OML 24 covers an area of some 430 sq km and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities. The divested infrastructure includes three oil flow-stations and three gas processing plants, in addition to various oil and gas pipelines. The divested fields produced on average around 13,000 boepd gross during H1 2014.
Total E&P Nigeria Ltd (10%) and Nigerian Agip Oil Company Ltd (5%) have also assigned their interests in the lease, giving Newcross a total of 45% stake in the acreage.
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