From the Field
Shell divests from Nigerian oil lease
LAGOS, March 20, 2015 – Shell has completed the divestment of its 30-percent stake in oil mining lease 18, the international company announced on Friday.
The interest in the 1,035-square-kilometre block included flow stations and associated gas infrastructure and was held by local subsidiary Shell Petroleum Development. It was sold to Eroton Exploration & Production, a consortium including Canada-headquartered Mart Resources and Nigeria’s Midwestern Oil and Gas Limited and Suntrust Oil.
The fields included in the stake had a total production rate of 14,000 barrels of oil equivalent per day in 2014.
According to Shell’s statement, Total E&P Nigeria and Eni subsidiary Nigerian Agip Oil also sold their interests in the lease to the Eroton consortium.
“This divestment is part of the strategic review of [Shell Petroleum Development’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.