Shell Petroleum Development Company of Nigeria Limited has completed divested 30 per cent interest in Oil Mining Lease 17 in the Eastern Niger Delta and associated infrastructure to TNOG Oil and Gas Limited for $533 million.
TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc.
A statement by the company’s Corporate Affairs unit said the completion followed the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.
“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.
