OML 17 has an existing production capacity of 27,000 barrels of oil equivalent per day and estimated 2P Reserves of 1.2 billion barrels of oil equivalent.
The Shell Petroleum Development Company of Nigeria Limited has completed the sale of its 30 percent stake in Oil Mining Lease (OML) 17 in the Niger Delta to TNOG Oil and Gas Limited.
The company said in a statement on Friday that the OML 17 and its associated infrastructure were sold to the company for $533million.
TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria (Transcorp) Plc.
Heirs Holdings Limited and Transcorp are both chaired by Tony Elumelu, who is also the Chairman of United Bank for Africa (UBA) Plc.
The OML 17 has a production capacity of 27,000 barrels of oil equivalent per day.
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AMSTERDAM, Dec 10 (Reuters) - Employees at Royal Dutch Shell’s Nigerian joint venture orchestrated damage to oil pipelines to profit from the money spent on clean-up operations, Dutch investigative TV programme Zembla reported on Thursday.
Employees of Shell Petroleum Development Company of Nigeria (SPDC) recruited local youth to sabotage the pipelines and then hired them back as workers to clean up the mess, the report said, citing research by Dutch environmental group Milieudefensie.
Shell’s SPDC said it investigates all credible reports of misconduct and takes action where needed.
“As of now, we are not aware of any staff or contractor having been involved in acts causing oil spills in the Niger Delta”, it said in a reaction sent to Reuters via Shell’s Dutch head office.
[PRESS RELEASE]: SPDC s position of purported takeover of SPDC JV s Kidney Island and SPDC s interest in OML 11 by Rivers State Government nationalaccordnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalaccordnewspaper.com Daily Mail and Mail on Sunday newspapers.