Shell selling Nigerian assets

LAGOS, September 3, 2014 – Super-major Shell is closing in on the sale of its 30-percent stake in four oil blocks in Nigeria which sources quoted in the Financial Times estimated to be worth $5.2 billion.

The Financial Times reported that indigenous downstream players Taleveras and Aiteo are bidding $2.6 billion for OML 29, the largest of the four concessions, which includes the 96-kilometer Nembe Creek Trunk Line.

Domestic operator Pan Ocean Oil Corporation is thought to be the frontrunner for OML 24 at an estimated price tag of $900 million, while a consortium of Eroton, Mart Resources, and Nigerian marginal field producer Midwestern Oil and Gas are seeks OML 18 for approximately $1.2 billion. Crestar has been earmarked for OML 25 for a fee of around $500 million.

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