Royal Dutch Shell says it has raised $600 million from the sale of its interest in an oil field in Nigeria as part of its ongoing two-year disposal programme.According to a statement by the company on Thursday, its Nigerian subsidiary, Shell Petroleum Development Company of Nigeria (SPDC) has divested a 30 percent interest in Oil Mining Lease (OML24) and related facilities in the Eastern Niger Delta to an indigenous firm, Newcross Exploration and Production.
“This divestment is part of the strategic review 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,” the statement said.
According to the statement, Total’s Nigerian subsidiary, Total Exploration and Production (E&P) Nigeria, has also sold its 10 percent stake and Nigerian Agip Oil Company has offloaded its five percent interest, leaving Newcross with a 45 percent holding.
The statement noted that Shell remains committed to keeping a long-term presence in Nigeria through the SPDC and its other subsidiaries.
OML24, which produced an average of 13,000 barrels of oil equivalents per day in the first half of this year, was put up for sale along with OMLs 18, 25 and 29, along with the onshore pipeline Nembe Creek Trunk Line.
Shell had in January said that it would be selling off up to $15 billion of its assets between this year and next year in both the upstream and downstream to improve returns and focus on core areas.