Shell CEO Ben van Beurden. Image courtesy of Shell/Youtube.

Royal Dutch Shell sold its 30 percent stake in the Nigeria onshore oil mining lease 24 to Newcross Exploration and Production Thursday for $600 million.

France’s Total also sold its 10 percent stake to Nigeria-based Newcross and Italy’s Eni sold its 5 percent stake to the company.

Newcross now holds a 45 percent stake in the lease.

Nigerian National Petroleum Corporation holds the remaining 50 percent stake.

The sale is the latest in a series of global asset divestments instituted by CEO Ben van Beurden to cut costs and boost profits.

Shell’s operations in Nigeria have been plagued by security issues, pipeline break ins and theft.

OML 24 produced about 13,000 barrels of oil equivalent per day during the first half of 2014.

The license covers about 166 square miles and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities.

The asset also includes three oil flow-stations, three gas processing plants and various oil and gas pipelines.

The deal has been approved by the relevant government authorities, Shell said.


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