Shell to sell oilfields and pipeline in Nigeria
Shell has struck a deal to sell some of its onshore oil and gas fields in the Niger delta.
Last Summer, a Shell review raised the possibility of scaling down operations in Nigeria and the company is now poised to sell four fields and a pipeline for a price of US$ 5 billion (£3 billion).
Despite the planned disposals, the Anglo-Dutch group still faces legal cases – including one at the high court in London – brought by Nigerian communities seeking compensation for pollution.
Nigeria has produced almost a quarter of a million boed for Shell and at least 80 000 bpd would be lost if the four fields are sold.
The sales are the latest move by oil and gas supermajors to reduce their onshore oil presence in Nigeria, in the face of theft and sabotage and long delays to a government bill setting out new terms for operators.
Industry executives believe another US$ 10 billion of assets from international companies could be up for grabs in the next few years.
Source; The Guardian