Thursday, 26 March 2015

Shell completes $1.7bn sale of onshore assets in Nigeria

Shell’s Nigerian subsidiary has closed a $1.7bn sale of oil mining lease (OML) 29 and Nembe Creek Trunk Line, a week after it completed divestment in OML 18.

Shell Petroleum Development Company of Nigeria (SPDC) sold OML 29, the Nembe Creek Trunk Line and related facilities in the Eastern Niger Delta to Aiteo Eastern E&P.

Covering an area of 983km2, OML 29 includes the Nembe, Santa Barbara and Okoroba fields.

The 100km long Nembe Creek Trunk Line was commissioned in 2010. It evacuates crude to the Bonny Crude Oil Terminal (BCOT) at the rate of 600,000 barrels per day.

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