Shell Petroleum Development Co. of Nigeria Ltd. announced it sold a 30 percent stake in Oil Mining Lease 30 to Shoreline Natural Resources Ltd. for $567 million. Shoreline is a company formed between a subsidiary of Heritage Oil and Nigeria's Shoreline Power Co. Ltd.
"This divestment is part of the reshaping of SPDC's onshore portfolio and is in line with the federal government of Nigeria's aim of developing Nigerian companies in the country's upstream oil and gas business," Shell stated.
Heritage said the acquisition gives it a foothold in Nigeria, the 10th-largest oil producer in the world. The country produces around 2.5 million barrels of oil per day.
Shell said OML 30 was producing around 35,000 bpd of oil and condensate.
Nigerian newspaper This Day reported last week that majors like Royal Dutch Shell and Total have dumped some of their regional assets in response to a militant campaign waged by guerrilla organizations in the Niger Delta 2007-09.
Flooding last month in states in the oil-rich Niger Delta prompted Shell and French supermajor Total to declare force majeure on exports from Nigeria.