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November 9, 2012
05:36 EDTRDS.AShell Petroleum Development Co. completes 8th Nigerian oil mining lease sale
The Shell Petroleum Development Company of Nigeria Ltd, or SPDC, a subsidiary of Royal Dutch Shell plc, has completed the assignment of its 30% interest in Oil Mining Lease 30, or OML30, in the Niger Delta to Shoreline Natural Resources Ltd. Total cash proceeds for Shell amount to some $567M. This divestment is part of the re-shaping of SPDC's onshore portfolio and is in line with the Federal Government of Nigeria's aim of developing Nigerian companies in the country's upstream oil and gas business.
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