Tuesday, February 2, 2010

Shell Sells Nigerian Oil Blocks to Local Companies

The Nigerian joint venture capital company that is owned by Shell agreed on Friday to sell its interest in three oil production licenses to a group of local Nigerian companies. The deal shows that Shell is starting to shift its focus away from Nigeria. The facilities have been shut down since 2008 and the 30 wells in question have a production capacity of approximately 50,000 barrels of oil.

The deal is subject to the approval of the Nigerian government.

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