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Shell latest to sell Nigerian oil stake

01 August 2013, 07:41Okoro Chinedu

Lagos -  Shell, the Anglo-Dutch company, plans to sell some of its oil mining licences in Nigeria.

According to reliable industry sources, Shell plans to offload the OML, 13 and 16 onshore as well as 71 and 72 offshore.

The planned divestment by Shell from Nigeria is linked to the large amount of pipeline spills and shut-ins it has suffered.

The company consistently claims that a large portion of these are caused by sabotage and oil theft.

The company had in June said it was reviewing its stake in 28 oil blocks in the country.

Shell recently announced it was embarking on a strategic review of its business, saying it would consult with its international and Nigerian partners over the future of the blocks that produce some 750 000 barrels of oil a day.

Precious Okolobo, Shell, confirmed the reports but declined to give details about the planned sale.

The planned sale come weeks after Chevron, another international oil company, offered to sale its stake in two Nigerian oil blocks.

- CAJ News

Tags shell lagos oil

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