Shell, Total sell stake in Nigerian oil field
Royal Dutch Shell,
France’s Total and Eni sold a 45 per cent stake in a Nigerian oil block
to a Polish-Nigerian consortium, Kulczyk Oil, a partner in the
consortium, said late on on Friday. The price paid by the consortium
consisting of Kulczyk Oil and Nigeria’s Nest Oil, Aries and VP Global,
was not disclosed, but a source on Thursday told Reuters the deal was
worth $600 million. Kulczyk Oil said in a statement it has acquired 9
per cent of the OML 42 block, a stake which could produce 11.5 million
to 46.4 million barrels of oil equivalent. “Kulczyk Oil believes these
estimates are cautious because they do not take into account
significant volumes of gas,” the statement said.
The transaction is
subject to a number of approvals, including permission from Nigerian
National Petroleum Corporation, which owns the remaining 55 per cent of
the block.
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