Business Shell Strikes Deal to Sell Nigerian Oil Assets

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LequteMan

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Royal Dutch Shell, in a major cost-cutting drive, on Tuesday has signed sales agreements for all the Nigerian oil assets it put up for sale following a 2013 review of its business in the West African country.

The Anglo-Dutch oil major has opted to move away from Nigerian onshore oil production, which according to Reuters is plagued by massive oil theft, security problems and oil spills and is reportedly becoming a major source of legal liabilities.

The assets include Shell's 30 percent stake in oil mining leases (OML) 18, 24, 25, 29 and the Nembe Creek Trunk Line (NCTL), the country's main onshore pipeline.

The company also said that, together with its partners Total and Eni, it had signed an agreement to sell their 45 percent stake in OML 18 to a consortium led by Canadian oil and gas company Mart Resources. The remaining share of the oil field is owned by Nigeria's national oil company.

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#Shell #NCTL #OML #Nigeria #Canada #Reuters

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