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Shell completes sale of OML 29, Nembe Creek pipeline in Nigeria

Reuters - UK Focus

March 25 (Reuters) - Royal Dutch Shell Plc (Xetra: R6C1.DE - news) has completed the sale of its stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta to Aiteo Eastern E&P Co Ltd for about $1.7 billion.

The Anglo-Dutch major has realised about $3.04 billion so far from the sale of oil assets in Nigeria.

Shell (LSE: RDSB.L - news) decided to sell five Nigerian oil assets after a 2013 review of its business in the West African country.

The company said last October that it had signed sales agreements for all of these assets, which included 30 percent stakes in OMLs 18, 24, 25, 29 and the NCTL, Nigeria's main onshore pipeline.

French oil major Total SA (Paris: FR0000120271 - news) and Italy's Eni (Swiss: ENI.SW - news) also agreed to sell their minority stakes in OML 29 and NCTL, giving Aiteo a 45 percent stake in both assets, Shell said in a statement on Wednesday. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Simon Jennings)