Shell Wants To Sell Four Nigerian Oil Blocks

Shell Wants To Sell Four Nigerian Oil Blocks

From Business News

Royal Dutch Shell has listed four more Nigerian oil blocks for sale, Reuters reported, quoting sources familiar with the deal.

According to the report, the oil major has concluded plans to offload two onshore oil blocks and two offshore blocks.

Specifically, Oil Mining Licences (OML) 13 and 16 onshore as well as 71 and 72 offshore are being put up for sale as part of Shell’s latest divestment from Nigeria.

The OML 13 and 16 lie in the Ogoniland region where, according to the report, Shell has experienced long-running disputes with local communities, multiple oil spills and widespread pipeline sabotage and theft.

The report further said that OML 13 covered a large geographical area with big gas reserves, while the OML 16 is a much smaller asset.

According to the report, OML 72 has proven oil reserves of around 120 million barrels, while OML 71 has significantly lower reserves.

“Shell has been discussing renewing these licences with the Nigerian government for years but has yet to reach a deal,” the report said.

The latest move, analysts said, was in tandem with the oil major’s divestment program in the country.

Read more at Business News.