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Shell to sell oil licenses in Nigeria

Financial Times

By Tom Burgis in Lagos

Published: January 30 2010 03:20

Royal Dutch Shell is to sell its stake in three Nigerian oil-producing licenses, underlining its new chief executive’s cool stance towards what was long a mainstay of the group’s operations.

In recent weeks fresh rumours have circulated that Shell was seeking to dispense of Nigerian assets worth billions of dollars.

Peter Voser, Shell’s new chief executive, said in October that the group’s production in Nigeria had fallen to 120,000 barrels a day from 300,000 b/d before the start of a rebellion by militant groups in the Niger delta demanding a greater share of the region’s oil wealth.

Mr Voser has said Shell is “no longer depending on Nigeria for growth”.

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Copyright The Financial Times Limited 2010.

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