Shell agrees to sell Nigerian oil fields for $5bn
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Royal Dutch Shell has agreed to sell some of its Nigerian oil fields in order to reduce costs and boost profits, it said on Wednesday.
The deal, for the group's 30% share of four licences in Nigeria, is expected to be completed in the next few weeks, in a move to reduce its presence in the country as it continue to be plagued by theft and sabotage of natural resources.
"We have signed sales and purchase agreements for some of the oil mining leases, but not all that we are seeking to divest," a Shell spokesperson wrote in an email on Wednesday.
The sale could reach $5.2bn, the Financial Times reported, contributing to its $15bn asset-sales plan through 2015. So far the group has completed close to $8bn of asset sales in 2014.
Shell's shares were down 0.21% to 2,418.5p on Wednesday at 14:57.
JF