Over the last two years; Shell, Total and Eni (Agip) have sold their stake in a jointly held stake in seven oil blocks for $2.569 billion (N411.04 billion).
The multinationals were said to have sold a 45-per-cent stake in the seven oil concessions in five transactions. The oil blocks, which are now operated by the Nigerian Petroleum Development Company (NPDC), the upstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), were acquired by local companies alongside their foreign partners. They are Oil Mining Leases (OMLs) 3, 38, 41, 26, 42, 30 and 34.
Following growing attack on their facilities by militants in the Niger Delta between 2007 and 2009, the IOCs embarked on a divestment programme to sell some of their onshore assets in the region.
Seplat Petroleum Development Company, in partnership with French-based Maurel and Prom, paid $386 million to acquire OMLs 3, 38 and 41, while First Hydro Carbon Nigeria, alongside AFREN as foreign partners, bought OML 26 for $148 million. Neconde Energy Limited and its foreign partners, Kulczyk Oil Ventures, paid $585 million for OML 42, while OMLs 30 and 34 were acquired by Shoreline and Niger Delta Exploration and Production Plc (NDEP) at $850 million and $600 million, respectively. Shoreline was partnered by Heritage, while NDEP acquired its block with the Petrolin Group.