The Nigerian National Petroleum Corporation (NNPC), Shell Petroleum Development Company (SPDC) and a local oil and gas firm, Aiteo Eastern Exploration and Production Company Limited, have concluded the transaction involving the acquisition of SPDC’s 30 per cent stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunkline (NCTL) by the indigenous firm under the latest divestment programme of the oil giant.
Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited have also assigned their interests of 10 per cent and five per cent respectively in the lease, ultimately giving Aiteo Eastern E&P Company Limited a 45 per cent interest in OML 29 and the NCTL.
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