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.