Shell’s Subsidiary SPDC Sells OML 40 Interest to Elcrest and Production Nigeria

Royal Dutch Shell plc (NYSE:RDS.A)(NYSE:RDS.B) announced today that their subsidiary, Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed its sale of their 30% interest in Nigerian Oil Mining Lease (OML) 40 for approximately $102 million dollars (USD) to Elcrest Exploration and Production Nigeria Limited.

Shell said that the sale will help the company focus on its onshore interests in Nigeria, according to a company statement.

“These divestments mark another step in the strategy to re-focus the SPDC portfolio. SPDC is positioned well for investment and growth opportunities in all areas, including domestic gas, which will be delivered with the support of our government, partners and the people of Nigeria” said Mutiu Sunmonu, Country Chairman in Nigeria.

Royal Dutch Shell plc (ADR) (NYSE:RDS.A) last closed at $69.97 per share while (NYSE:RDS.B) last closed at $72.19 per share.

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