Shell, Total sell stake in Nigerian oil field

Reuters

7 May 2011

Shell, Total sell stake in Nigerian oil field

Royal Dutch Shell (RDSa.L), France's Total (TOTF.PA) and Eni (ENI.MI) sold a 45 percent stake in a Nigerian oil block to a Polish-Nigerian consortium, Kulczyk Oil (KOVP.WA), a partner in the consortium, said late on on Friday.

The price paid by the consortium consisting of Kulczyk Oil and Nigeria's Nest Oil, Aries and VP Global, was not disclosed, but a source on Thursday told Reuters the deal was worth $600 million. [ID:nN0594044]

Kulczyk Oil said in a statement it has acquired 9 percent of the OML 42 block, a stake which could produce 11.5 million to 46.4 million barrels of oil equivalent.

"Kulczyk Oil believes these estimates are cautious because they do not take into account significant volumes of gas," the statement said.

The transaction is subject to a number of approvals, including permission from Nigerian National Petroleum Corporation, which owns the remaining 55 percent of the block.