Gulf Oil and Gas accountACCOUNT

SPDC Completes Sale of Interest in OML 17

Source: www.gulfoilandgas.com 1/15/2021, Location: Africa

The Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed the sale of its 30% interest in Oil Mining Lease (OML) 17 in the Eastern Niger Delta, and associated infrastructure, to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc (Transcorp), for a consideration of $533m. A total of $453m was paid at completion with the balance to be paid over an agreed period.

Completion follows the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.

SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.

SPDC is committed to transfer OML 17 in an orderly and responsible manner to the new owner, which will help to provide a sustainable long-term plan to unlock its full potential. The sale also enables SPDC to focus on supporting the Federal Government of Nigeria’s national energy agenda in its remaining OMLs through oil and gas production, payment of royalties, taxes and levies as well as advancing local content and providing social investments.

Osagie Okunbor, Managing Director of SPDC and Country Chairman of Shell Companies in Nigeria, said: “As with previous divestments, we will facilitate a successful transition to new ownership. Shell has been in Nigeria for over 60 years and remains committed to a long-term presence here.”

The other SPDC JV partners, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited, have also assigned their interests of 10% and 5% respectively in the lease, ultimately giving TNOG Oil and Gas Limited a 45% interest in OML 17.

Acquisitions and Divestitures News in Nigeria >>

United Kingdom >>  3/2/2021 - Trelleborg has signed an agreement and finalized the divestment of its offshore operation in Skelmersdale, England. The company is part of the overall...
United Kingdom >>  3/2/2021 - Seaspan Corporation, a wholly owned subsidiary of Atlas Corp., has entered into an agreement to acquire two young, high-quality 15,000 TEU scrubber-fi...

Australia >>  3/1/2021 - Senex Energy Limited has completed the $87.5 million sale of its Cooper Basin business to Beach Energy. The completion of the sale also satisfies the...
Ireland >>  3/1/2021 - Lansdowne Oil & Gas plc (LOGP), the North Celtic Sea focused, oil and gas company, provides a commercial update on Standard Exploration Licence ("SEL"...

United Arab Emirates >>  3/1/2021 - ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of Abu Dhabi National Oil Company (ADNOC), has announced the acquisiti...
United Kingdom >>  3/1/2021 - Union Jack Oil plc (UJO), a UK focused onshore hydrocarbon production, development and exploration company is pleased to announce that it has complete...




Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.