Monday, February 13, 2012

Shell rakes in $0.5b from blocks 26, 42 sale

The Nation
14 February 2012

The Anglo-Dutch Shell has said proceeds from the sale of its interests in two Nigerian oil blocks located in oil mining leases (OMLs) 26 and 42 and related facilities in the Niger Delta where its share of production was about 6,000 barrels of oil equivalent per day (boe/d), was about $0.5 billion.

The company’s Chief Executive Officer, Peter Voser, disclosed this during the announcement of Shell’s 2011 fourth report. He had also noted that the company realised $17 billion from asset sales between 2009 and 2011 and expects to rake  another $2 billion to $3 billion from assets divestment this year bringing the total of anticipated revenues from asset sales between 2009 and 2012 to $20 billion.

Besides, OMLs 26 and 42, the company had also divested its 30 percent interest in OMLS 4, 38, 41, 30, 34 and 40, all located onshore. The sale of  its onshore assets was attributed to the continued attacks on the facilities by the militants in the Niger Delta but Shell Petroleum Development Company Limited (SPDC) Managing Director/ Country Chairman of Shell companies in Nigeria, Mr Mutiu Sunmonu, had explained that the divestment programme by Shell was focused on onshore fields, and was aimed at encouraging local participation, more local companies to play in the upstream sector of the oil and gas industry, especially exploration and production.

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