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Thursday, March 26, 2015
Shell Petroleum Development Co. (SPDC) completed the assignment of its interest in OML 29 and the Nembe Creek Trunk Line (NCTL) and related facilities in the Eastern Niger Delta. Its interests in OML29 and the NCTL were assigned to Aiteo Eastern E&P Co. Ltd.
SPDC received cash proceeds in the amount of around $1.7 billion for the sale of OML 29.
This is just one of two assets sales SPDC has completed in the past week or so, the other being the sale of OML 18 to Eroton Exploration & Production Co. The two recent sales are part of SPDC’s strategic review of its onshore portfolio in the Niger Delta.
OML29 covers an area of 983 sq km and includes the Nembe, Santa Barbara and Okoroba fields and related facilities. The Nembe Creek Trunk Line is 100 km long and has a capacity of 600,000 bpd. The divested infrastructure includes flow stations together with associated gas infrastructure plus oil and gas pipelines within the OML. The divested fields produced on average around 43,000 boepd (100%) during 2014.
Total E&P Nigeria Ltd. and Nigerian Agip Oil Co. Ltd. have also assigned their interests of 10% and 5% respectively in the lease, ultimately giving Aiteo Eastern E&P a 45% interest in OML29 and the Nembe Creek Trunk Line.
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