By Justin Scheck
LONDON-- Royal Dutch Shell PLC said Thursday that it has sold
its stake in a set of oil wells and processing plants in Nigeria's
Niger Delta, the latest in a series of sales in an area where Shell
has struggled with oil theft and other security issues.
Shell said it sold its 30% stake in a property known as Oil
Mining Lease 24 to Newcross Exploration and Production Ltd., a
Nigerian-owned company. Total SA and Eni SpA also sold smaller
stakes in OML to Newcross at the same time. Shell said its "cash
proceeds" from the deal "amount to some $600 million." Newcross,
which now owns 45% of OML, didn't immediately respond to a request
for comment.
OML 24 produced about 13,000 barrels of oil and equivalent
volumes of natural gas a day during the first half of this year,
Shell said.
Write to Justin Scheck at justin.scheck@wsj.com
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