Shell sells stake in Nigerian oil block for $533m

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Oil giant, Shell Petroleum Development Company of Nigeria Limited said it has completed the sale of its 30 per cent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533m.

This is contained in a statement by the compaorate’s Affairs unit.

The oil major said the completion followed the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.

According to the statement, TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

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