Shell offers stake in Nigerian Oil block for $533m

By our Reporter

The Shell petroleum Development Company of Nigeria Limited has offered its stake in Nigerian Oil for $533

The announcement of the completion of the sale was stated in a statement that its 30 per cent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure has been offered to TNOG Oil and Gas Limited for a consideration of $533m.

The statement released on Friday that the completion followed the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.

According to the statement, TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.

The SPDS said:“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.

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