One-Page Deal Sheet
Shell Sells Nigerian Interest to Elcrest
Elcrest Exploration and Production Nigeria Ltd Shell plc
Announced Date
September 05,2013
Close Date
August 31,2012
Transaction Type
Property
Enterprise Value (EV)($MM)
102
Asset/Basin:
{"Niger Delta"}
Location
Region
Africa - West Africa
Country
Nigeria
Transaction Details: Subscribe to see
Shell Petroleum Development Company of Nigeria Limited, a subsidiary of Royal Dutch Shell plc, completed on August 31st 2012 the assignment of its 30% interest in Oil Mining Lease (OML) 40 in the Niger Delta to Elcrest Exploration and Production Nigeria Limited.
Total cash proceeds for SPDC amount to some US$102million.
This divestment is part of Shell’s strategy of refocusing its onshore interests in Nigeria and in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business. Including this license, six onshore lease…
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