Shell sells stake in Nigerian oil block for $533m

The Shell Petroleum Development Company of Nigeria Limited has announced the completion of the sale of its 30 per cent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for a consideration of $533m, the Punch reports.

The oil major said in a statement on Friday that the completion followed the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria .

According to the statement , TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.

“ A total of $453m was paid at completion with the balance to be paid over an agreed period . SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas , which fall within the lease area , ” the SPDC said .

More to follow….

  • Related Posts

    Crude Prices Rise Above $90 Per Barrel On US-Iran Strikes

      Oil prices jumped more than two per cent Monday, with the Brent international benchmark rising above $90 a barrel after a fresh flare-up in the US-Iran war. Meanwhile, stocks…

    Cement cheaper in Kenya, Togo than Nigeria — FCCPC probe

      The Federal Competition and Consumer Protection Commission has flagged possible manipulation of cement prices in Nigeria following a three-month investigation into the rising cost of the building material despite…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Ogun prison: Mother nabbed trying to ‘sneak in drug’ for son on Death Row

    • By admin
    • August 31, 2026
    • 6 views
    Ogun prison: Mother nabbed trying to ‘sneak in drug’ for son on Death Row

    EFCC dismissed over 40 staff for corruption, financial malpractice in three years — Chairman

    • By admin
    • August 31, 2026
    • 6 views
    EFCC dismissed over 40 staff for corruption, financial malpractice in three years — Chairman

    EXTRA: Borno Commissioner threatens to cut off fingers of those who vote against APC

    • By admin
    • August 31, 2026
    • 8 views
    EXTRA: Borno Commissioner threatens to cut off fingers of those who vote against APC

    EFCC recovers N1.23tn, $684m in 32 months – Olukoyede

    • By admin
    • August 31, 2026
    • 13 views
    EFCC recovers N1.23tn, $684m in 32 months – Olukoyede

    Crude Prices Rise Above $90 Per Barrel On US-Iran Strikes

    • By admin
    • August 31, 2026
    • 6 views
    Crude Prices Rise Above $90 Per Barrel On US-Iran Strikes

    Court remands Brazil-based Nigerian businessman over ‘importation of cocaine’

    • By admin
    • August 31, 2026
    • 7 views
    Court remands Brazil-based Nigerian businessman over ‘importation of cocaine’