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See Taylor Swift's disgusted reaction to Justin Bieber-Selena Gomez backstage kiss
THE HAGUE, Netherlands, Nov. 12 (UPI) -- A Nigerian subsidiary of oil major Shell confirmed it sold 30 percent of a stake in a 3,600-square-mile lease in the Niger Delta to a domestic consortium.
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.
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To the joy of neighboring rivals, Argentina's beef exports are dwindling and traders blame government policies.
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MUSCAT, Oman, May 21 (UPI) --
The Persian Gulf sultanate of Oman is set to buy a $2.1 billion missile system built by the U.S. Raytheon Co. as part of a U.S. drive to install a coordinated air-defense system linking the region's Arab monarchies to counter Iran.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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