TOTAL RESUMES $2.5BN USAN DEEPWATER OIL BLOCK SALE

France’s Total SA, Europe’s second largest oil company, has put one of its offshore Nigerian oil fields up for sale for the second time, the company said, after a 2012 deal with Sinopec Corp of China failed.

Total has hired BNP Paribas to find buyers for its Usan deepwater oil field located in Oil Mining Lease (OML) 138, which could be worth about $2.5 billion, according to sources familiar with the matter.

Read more @ Thisday Live

SHELL’S REVENUE FROM ASSETS SALE IN NIGERIA TO HIT $7BN

Royal Dutch Shell’s revenues from assets sale in Nigeria is to hit $7 billion in four years as representatives of the company met with government on the final lapse of the sale of equity in Oil Mining Lease (OML) 29, the Nembe Creek Pipeline and other assets. Investigation by New Telegraph revealed that the Anglo- Dutch company had made $1.8 billion since the 2010 beginning of its divestment drive in Nigeria.

A source at the Ministry of Petroleum Resources told this newspaper at the weekend that Shell and representatives of the minister are already advancing talks on how to secure ‘minister’s consent’ for the sale of new assets. “The winners of these assets have also joined in the lobbying government for this approval,” he said.

NNPC OPPOSES SHELL’S ASSET WINNERS’ PLEA TO OPERATE OIL FIELDS

The Nigerian National Petroleum Corporation (NNPC) may have rejected the plea by prospective winners of the Shell Petroleum Development Company (SPDC) $5 billion assets to operate some of the oil fields.

The assets include the Oil Mining Lease (OML) 29 and the 97-kilometre Nembe Creek oil pipeline. Shell, which is the operator of the oil fields, has sold its 30 per cent equity stake in each of them to new owners that would be unveiled soon.


Read more @ New Telegraph