Arab Today, arab today major firms sell stakes in 2 nigerian oil blocks
Last Updated : GMT 21:35:56
Arab Today, arab today
Arab Today, arab today

Major firms sell stakes in 2 Nigerian oil blocks

Arab Today, arab today

Arab Today, arab today Major firms sell stakes in 2 Nigerian oil blocks

Lagos - AFP

  A Nigerian firm backed by Britain's Afren and a mainly local consortium have bought major stakes in onshore oil blocks from Shell, Total and Agip for more than $700 million, officials announced Thursday. The deals for 45-percent stakes in two leases were long in the making and come with Shell, historically the largest producer in Nigeria, seeking to sell off its share in a number of onshore blocks viewed as marginal. Analysts have said Shell, previously the operator for both blocks, has seemed willing to shift more of its focus offshore in Africa's largest oil producer, where the risks of sabotage and militant attacks are lower. Shell said in a statement announcing the sales that it "has been in Nigeria for more than 50 years and remains committed to keeping a long-term presence there -- both onshore and offshore." In one deal, First Hydrocarbon Nigeria Limited, backed by Afren, announced it paid $147.5 million for a 45-percent stake belonging to Shell as well as Nigerian divisions of France's Total and Italy's Agip. The block currently produces some 6,000 barrels per day, but the company plans to boost that to 40,000 bpd in four years and eventually 50,000. "FHN has today announced the completion of its acquisition of a 45 percent interest in (oil mining lease) 26 from SPDC, Total and Agip," a statement said. SPDC is Shell's local joint venture, the Shell Petroleum Development Company of Nigeria. The remaining 55 percent is owned by Nigeria's state oil firm, the Nigerian National Petroleum Corporation. FHN will partner with the state firm's exploration and production arm. Afren holds a 45 percent stake in FHN, which it established with the support of Nigerian banks First City Monument and Guaranty Trust. In the second deal for oil mining lease 42, the Neconde Energy Limited consortium purchased the 45-percent stake previously belonging to the three oil majors. The state firm also holds the remaining 55 percent in that block. The consortium is majority Nigerian-owned and includes Nestoil Group, Aries E&P Company Limited and VP Global, as well as Polish firm Kulczyk Oil Ventures. Neconde paid $585 million for the stake in the block which includes several fields, according to Kulczyk. "Operations had been shut down because of militant activity, but production from the Batan field resumed earlier this year and is currently producing circa 15,000 barrels of oil per day," Shell said. Shell held 30 percent in each of the blocks, while Total owned 10 percent and Agip held five percent. Pipelines in the oil-producing Niger Delta region are regularly damaged by oil thieves seeking crude to sell on the black market, while militants claiming to be fighting on behalf of impoverished communities have carried out scores of attacks on facilities. Militant-related violence has sharply declined since a 2009 amnesty deal, but oil theft is believed to be on the rise. Nigeria has been pushing for more local involvement in the country's petroleum industry. The country currently produces more than two million barrels per day.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today major firms sell stakes in 2 nigerian oil blocks Arab Today, arab today major firms sell stakes in 2 nigerian oil blocks

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday