The Shell Petroleum Development Company of Nigeria Limited has concluded plans to transfer ownership of Mining Lease 17 in the Eastern Niger Delta to TNOG Oil and Gas Limited.
Ekohotblog reports that the imminent change of owner is consequent upon the completion of the sale of the multinational oil company’s 30 per cent stake in the oil block and associated infrastructure to TNOG Oil for proposed fee of $533m.
In a statement on Friday, shell disclosed that the deal went through the right processes and its completion has receipt of 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.
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