Gov’t Acquires a 50% Stake in Three Oil Exploration Blocks From Shell

Gov’t Acquires a 50% Stake in Three Oil Exploration Blocks From Shell

Nigeria acquired a 50 percent stake in three “major oil mining leases” from Royal Dutch Shell Plc, according to the Nigeria National Petroleum Corp. The licenses, known as 4, 38, and 41, can produce as much as 180,000 barrels a day, Austen Oniwon, chief executive officer of NNPC said in an e-mailed statement.

Financial details weren’t disclosed. They will be operated by the Nigeria Petroleum Development Co., the exploration and production arm of the parent company. Nigeria is Africa’s largest oil producer and the fifth- biggest source of U.S. oil imports. Shell, Exxon Mobil Corp., Chevron Corp., Total SA and Eni SpA operate joint ventures with the state oil company.

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