Shell plans $5 billion Nigeria oil field sale, Times reports
December 21, 2009 - 0:0
LONDON (Bloomberg) -- Royal Dutch Shell Plc is planning to sell onshore oil fields in Nigeria worth as much as $5 billion following growing violence and forthcoming restrictions on foreign companies, the Sunday Times reported, citing people familiar with the situation.
The fields to be auctioned are mainly located in the western part of the country and include producing and undeveloped fields, the newspaper said. The company doesn’t plan to sell its offshore fields, it reported. Possible buyers may include Sinopec of China and Nigeria’s Oando Plc, the Times said.