SPDC completes 8th Nigerian Oil Mining Lease sale

Source: Shell Petroleum Development Company of Nigeria Limited

The Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), has completed the assignment of its 30% interest in Oil Mining Lease 30 (OML30) in the Niger Delta to Shoreline Natural Resources Limited (Shoreline). Total cash proceeds for Shell amount to some US$567 million.

This divestment is part of the re-shaping 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.

Shell has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there – both onshore and offshore. Through SPDC and its other Nigerian companies, Shell responsibly produces the oil and gas needed to fuel the economic and industrial growth that generates wealth for the nation and jobs for Nigerians.

OML30 covers an area of some 1097 square kilometres and includes the Kokori, Afiesere, Oweh, Olomore, Eriemu, Evwreni, Oroni and Isioka fields and related facilities. The divested infrastructure includes most of the Trans Forcados major crude oil pipeline from OML30 to the Forcados River manifold. The remaining 8 km to the Forcados terminal will remain with the SPDC joint venture. The divested fields produced around 35,000 barrels per day of oil and condensate (100%).

Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%) have also assigned their interests in the lease, ultimately giving Shoreline a 45% interest.

All approvals have been received from the relevant authorities of the Federal Government of Nigeria.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Overcoming ICS Management Challenges

Customers confirm they save 80% of their time identifying, analyzing, and reporting ICS cybersecu...

Securing Industrial Control Systems: The Basics

Since isolation seems to be impossible for control system environments, how do companies protect ...

Case Study: Create a Sustainable NERC CIP Compliance Program

With over 100 endpoints, a large US generation and transmission utility was spending 2-3 hours co...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013