Shell Petroleum Development Company of Nigeria Limited (SPDC) has sold its 30 per cent interest in Oil Mining Lease 24 (OML24) in Eastern Niger Delta to Newcross Exploration and Production Limited for US$600mn
According to the Shell subsidiary, the divestment is part of the strategic review of SPDC’s onshore portfolio and is in line with the Nigeria’s aim of developing indigenous companies in the country’s upstream oil and gas business.
OML24 covers an area of 430 sq km and includes the Awoba, Awoba Northwest and Ekulama fields and related facilities. The divested infrastructure includes three oil flow-stations and three gas processing plants, in addition to various oil and gas pipelines.
The divested fields produced on average around 13,000 boepd during the first half of 2014.
