TOTAL COMPLETES $1BN NIGERIAN ASSET SALE

French oil major, Total, has completed the divestment of its stakes in three onshore Nigerian oil blocks, with sale proceeds amounting to over $1bn.

 

The divested assets are Oil Mining Leases 18, 24 and 29, the company said, adding that its interest in OML 29 was sold to Aiteo Eastern E&P, a Nigerian company, for $569m.

 

Read more @ PunchOnline

NNPC, SHELL, AITEO CONCLUDE SALE OF OML 29, NEMBE CREEK TRUNKLINE

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.

 

 Read more @ Thisdaylive