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Monday, June 24, 2013
Shell’s Nigerian unit SPDC has made a strategic review of its holdings in Nigeria and after consultation with partners is considering a potential exit from more of its onshore assets.
The SPDC JV produces roughly 750,000 boepd from 28 Oil Mining Licenses (OMLs) across the Niger Delta, both onshore and in the near offshore. SPDC has been following a strategy of selective divestments of its onshore portfolio, concentrating the operating footprint into a smaller, more contiguous area.
The sale would also play a role in supporting the Nigerian government’s policy of encouraging investment by indigenous companies. Since 2010, SPDC has sold its interest in eight OMLs for a total of $1.8 billion with a number of indigenous companies picking up interests in the OMLs.
MD of SPDC Mutiu Sunmonu commented: “Nigeria remains an important part of Shell’s portfolio, with clear growth potential, particularly in deepwater and onshore gas. This strategic review marks another step in re-focusing the SPDC portfolio.”
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