Shell, Chevron conclude sale of four OMLs to First E&P
Shell, Chevron and their joint venture partners have finally concluded the sale of their stakes in Oil Mining Leases (OMLs) 71, 72, 83 and 85 to a Nigerian independent company – First Exploration & Petroleum Development Company Limited (First E&P) after a year’s delay arising from the lack of ministerial consent to seal the deals, This Day reports.
With the completion of the transactions, First E&P has emerged as the only company that has acquired offshore oil assets among other indigenous companies that have so far acquired oil blocks from the International Oil Companies (IOCs) under the latest divestment programme.
While Shell, Eni and Total sold their 45 per cent stake in OMLs 71 and 72, Chevron divested its 40 per cent stake in OMLs 83 and 85.
A former Minister of State for Petroleum Resources and later Foreign Affairs Minister, Mr. Odein Ajumogobia, is the Chairman of First E&P, which took over the assets in partnership with Dangote Industries. Dangote is the funding partner in the venture named West African E&P Venture.
First E&P also has a 10 per cent stake in ND Western, the consortium which bought Shell, Total and Eni’s 45 per cent equity in the gas-rich OML 34 for $600 million in August 2012.