Shell completes sale of two oil blocks

The Nigerian National Petroleum Corporation has said that two local firms have completed the purchase of 45 per cent stake in two onshore oil blocks previously owned by Shell, Total and Eni.Shell is the operator of the two oil fields, according to a report by Reuters.First Hydrocarbon Nigeria, owned by Afren, bought 45 per cent stake in Oil Mining Lease 26 owned jointly by the three oil firms, NNPC said.According to the NNPC, the block has target production of 50,000 barrels of oil per day by 2015. Shell did not return calls for comment.No details on the purchase value of the oil blocks were provided in the statement by NNPC.The corporation said the foreign oil majors sold 45 per cent of OML 42 to Neconde Energy, which included indigenous firms, Nestoil, Aries and VP Global, and Polands Kulczk Oil Ventures.The blocks are among several put up for sale this year by Shell Petroleum Development Company, a joint venture between Shell (30 per cent), Total (10 per cent), Eni (five per cent) and NNPC (55 per cent).Reutersreported that NNPC was transferring its stake in the former SPDC blocks to its exploration and production arm, the Nigerian Petroleum Development Company.NPDC and FHN will jointly operate production from OML 26.
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