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LequteMan
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Shell Nigeria has sold 30% of its stake in Nigerian Oil Mining License 24 to Newcross for $600m on Thursday, Vanguard reports.
Experts:
Shell Petroleum Development Company of Nigeria Limited (SPDC), yesterday, said it has completed the sale of its 30 per cent stake in Oil Mining Lease (OML) 24 and other related facilities to Newcross Exploration and Production Limited for $600 million, about N96 billion.
Shell, in a statement by Mr. Precious Okolobo, Corporate Media Relations Manager, further stated that Total Exploration & Production Nigeria Limited and Nigerian Agip Oil Company Limited have also assigned their 10 per cent and five per cent interest in the lease respectively, bringing Newcross’ stake in the oil asset to 45 per cent.
OML 24, according to Okolobo, covers an area of some 430 square kilometres and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities.
click here to read more
#Shell #Nigeria #Newcross
Experts:
Shell Petroleum Development Company of Nigeria Limited (SPDC), yesterday, said it has completed the sale of its 30 per cent stake in Oil Mining Lease (OML) 24 and other related facilities to Newcross Exploration and Production Limited for $600 million, about N96 billion.
Shell, in a statement by Mr. Precious Okolobo, Corporate Media Relations Manager, further stated that Total Exploration & Production Nigeria Limited and Nigerian Agip Oil Company Limited have also assigned their 10 per cent and five per cent interest in the lease respectively, bringing Newcross’ stake in the oil asset to 45 per cent.
OML 24, according to Okolobo, covers an area of some 430 square kilometres and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities.
click here to read more
#Shell #Nigeria #Newcross
