Tuesday, July 26, 2011

SPDC restates rights to divest from N/Delta oil blocs

Business Day (NAN)
24 July 2011

Shell Petroleum Development Company (SPDC) of Nigeria Limited has said its divestment from some oil blocs in the Niger Delta is in order.

It explained that the action was in line with contractual rights and regulatory frameworks guiding the oil industry in Nigeria.

SPDC Media Relations Manager, Tony Okonedo, in a statement made available to newsmen, rejected insinuations that the divestment was illegal, non-transparent or done to undermine any interest.

Okenedo said that contrary to other opinions, Shell remained committed to safeguarding the interest of staff and the communities within the scope of the Joint Operating Agreements (JOAs).

He added that existing Memoranda of Understanding (MOUs) and other agreements would be respected.

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