Shell Petroleum Development Company (SPDC) selloff continues
Shell Petroleum Development Company (SPDC) has concluded plans to sell four of its oil fields in Nigeria, as part its $15 billion global divestment plan. They confirmed the sale process through a spokesman at there headquarter at the Hague, saying: “We have signed sales and purchase agreements for some of the Oil Mining Leases, but not all that we are seeking to divest,”
“The assets under consideration are OMLs 18, 24, 25, 29 and the Nembe Creek Trunk Line, but the process has not yet concluded.”
Shell’s Chief Executive Officer, Ben Van Beurden, said the company has already completed about $8 billion in asset sales this year, after announcing plans to dispose about $15 billion through 2015.