Shell Sells Stakes in Nigerian Oil Leases
1 Dec 2011 12:54 Africa/Lagos Shell Sells Stakes in Nigerian Oil Leases THE HAGUE, The Netherlands, December 1, 2011/PRNewswire-FirstCall/ -- On November 30, the Shell Petroleum Development Company of Nigeria Limited (SPDC), a subsidiary of Royal Dutch Shell plc (Shell), (NYSE:RDS.A)(NYSE:RDS.B) completed the assignment of its 30% interest in two oil mining leases and related facilities in the Niger Delta. Total cash proceeds for SPDC amount to some US$488 million. These divestments are 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. "As we refocus our portfolio we are strengthening our position for the future," said Peter Voser, Chief Executive Officer of Royal Dutch Shell plc. "The improvement in the security situation in the Niger Delta coupled with continued progress on key projects provides the ...