30 March 2011
A board meeting of the Shell Petroleum Development Production Company (SPDC) will take place Wednesday in Lagos
The sale of the onshore blocks - Oil Mining Leases (OML) 30, 34, 40 and 42, some of which sources said contain reserves of up to 2 billion barrels - is in line with the company’s plan to reduce its onshore operations in the Niger Delta region, where it had faced repeated attacks that drastically reduced its production between 2007 and 2009.
THISDAY leant that SPDC’s transaction managers handling the oil blocks sale, will be expected to make their presentation to the company’s board meeting today and shall confirm the preferred bidders whose banks have provided concrete evidence that the funding is in place to acquire the blocks.
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