Shell completes sale of Nigeria oil field stake for $600million

November 20, 2014 | Mergers, Acquisitions & JVs, Nigeria

London, UK | – Royal Dutch Shell said on Thursday it had completed the sale of its 30 percent stake in Nigeria’s onshore Oil Mining Lease (OML) 24 in the Eastern Niger Delta to Newcross Exploration and Production for $600 million.

French partner Total and Italy’s Eni also sold their respective 10 percent and 5 percent stakes in OML 24 to Newcross, Shell said in a statement. The Nigeria-based oil and gas Exploration and Production Company will hold a total of 45 percent in the field.

Shell last month said it had signed sales agreements for all the Nigerian oil assets it had put up for sale as part of a broad global cost-cutting drive.

OML 24 produced on average of around 13,000 barrels of oil equivalent per day during the first half of 2014, the Anglo-Dutch oil major said.