Lagos — The Shell Petroleum Development Company of Nigeria Limited, SPDC, says it has sold its 30 per cent stake in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533 million.
TNOG Oil and Gas Limited is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.
According to the company, the sale followed the completion of the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.
SPDC said in a statement announcing the sale: “A total of $453 million was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.”