Shell Nigeria divests stake in OML 24

LAGOS, November 20, 2014 – A 30-percent interest in Oil Mining Licence 24, which encompasses the Awoba, Awoba Northwest and Ekulama fields, was assigned to local company Newcross Exploration and Production by the Nigerian subsidiary of Royal Dutch Shell for a total of $600 million last Thursday.

As part of the Shell Petroleum Development Company of Nigeria’s strategy to move away from its onshore assets to the safer offshore asset acquisition, exploration and development, this divestment is one of many that Shell has made since the company’s first divestment push in 2010.

Newcross now retains a 45-percent stake in Oil Mining Licence 24. Total Exploration & Production holds 10 percent and the Nigerian Agip Oil Company has a 5-percent interest. The remaining bulk percentage – 45 percent – is still held by the Nigerian National Petroleum Company. The divested field produces about 13,000 barrels of oil equivalent per day on average.

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