Shell To Complete Sale Of Oil Blocks
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Royal Dutch Shell is about to complete the sale of its stake in four onshore oil blocks in Nigeria after it received bids from a number of foreign and local interests.
A Reuters report yesterday said “some of these assets hold over 300 million barrels of proven oil reserves and bids for the largest block have exceeded $1 billion, industry sources said. Shell confirmed on Wednesday four blocks were still on offer but had no further comment.”
Industry watchers hope indigenous companies would bid for the blocks and that local players, who are likely to be partnered by foreign oil companies or independent investors, will have the best chance of securing the blocks.