Heirs Oil And Gas, ND Western are progressing their intent for the acquisition of onshore oil and gas fields owned by oil giant,Shell.
The multinational oil company is billed to receive the two final offers soon.
The two indigenous companies are jostling for Shell’s 30 per cent stake in onshore consortium SPDC, whose other members are owned by the Nigerian National Petroleum Company, NNPC Limited with 55 per cent, TotalEnergies with 10 per cent and Italy’s Eni with 5 per cent.
Shell CEO Ben van Beurden disclosed that the major was in talks with the Nigerian government on the sale in May last year,adding that keeping hold of its Nigerian business, which has struggled for years with spills caused by pipeline sabotage and oil theft, resulting in costly repair work, was incompatible with its energy transition strategy.
Energy consultant Wood Mackenzie estimated the value of Shell’s interest in SPDC at $2.3bn, but that was assuming a $50/barrel oil price over the long term. Brent is currently trading at over $120/b, suggesting that the stake could fetch more.
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SOURCE: independent.ng