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Home Companies Company News

Company Watch: Shell Petroleum To Sell 28 More Oil Blocks, Rakes In $1.8Billion From Previous Sales

Ugodre Obi-chukwu by Ugodre Obi-chukwu
June 26, 2013
in Company News
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In what may suggest a rethink of its Nigerian business, Shell Petroleum Development Company (SPDC) has placed its stakes in 28 Oil Mining Leases (OMLs) in eastern Niger Delta for sale.

The company said in a statement that consultations are in progress with its international and local partners over the future of the leases that produce some 750,000 barrels a day of oil.

The statement issued by Shell’s spokesperson, Tony Okonedo added that Shell’s review of its Niger Delta oil licences came alongside a decision to go ahead with two other investments in the west African country – the Trans-Niger Pipeline loop-line (TNPL) and Phase Two of the Gbaran-Ubie gas project, which together will cost around $3.9 billion.

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Tags: News Review
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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