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Nigeria: Shell completes $1.7 billion sale of Nigerian assets to Aiteo

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Screen Shot 2014-06-23 at 11.37.41Shell completes $1.7 billion sale of Nigerian assets to Aiteo

ABUJA (Reuters) – Oil major Shell said on Wendesday it completed the sale of its 30 percent stake in the Nigerian oil block 29 and the Nembe Creek trunk line to Aiteo Eastern Exploration and Production Co for $1.7 billion.

Total and Eni’s Nigerian arms also assigned their interests of 10 percent and 5 percent, respectively, to Aiteo, which ended up with a 45 percent interest in total for both assets.

(Reporting By Julia Payne; Editing by Tim Cocks)

© Thomson Reuters 2015 All rights reserved

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Extract

“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,” Shell said in a statement.

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