Addax, Blackstone, Perenco, others target Shell’s $4b oilfield

Addax, Blackstone, Perenco, others target Shell’s $4b oilfield

A report at the weekend said British Petroleum (BP) Plc’s former Chief Executive Officer, John Browne, was leading a group of bidders for $4 billion of oil fields being sold by Shell.

The report said Browne’s Riverstone Management Ltd. was interested in bidding, as well as KKR & Co. and Blackstone Group LP.

Other bid groups that have indicated interest in the assets include Perenco SA, Addax & Oryx Group Ltd. and Oando Plc.

First Hydrocarbon, a Nigeria-registered company jointly owned by Afren, First City Monument Bank and Guaranty Trust Bank was to acquire a 45 per cent stake in Oil Mining Lease (OML) 26 in Delta State, from the SPDC joint venture at $187.5 million.

Shell has 30 per cent interest in the Shell Petroleum Development Company (SPDC) joint venture where it is the operator. Other partners in the JV include NNPC, Agip and Total.

While the partners have the right to buy Shell’s stake in the fields, NNPC must approve any deal and the bidder will have to have a local partner to meet government’s requirements.

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