Nigeria: Shell sells OML 24 stake to Newcross Energy for $600m

In the latest sale from its onshore portfolio, Shell Petroleum Development Company of Nigeria Limited (SPDC) has completed the sale of its 30% interest in Oil Mining Lease 24 and related facilities in the eastern Niger Delta to local company Newcross Exploration and Production Limited for $600m. Total E&P Nigeria Limited (10%) and Nigerian Agip Oil Company Limited (5%) have also assigned their interests in the lease, giving Newcross a 45% interest. The other 55% is held by Nigerian National Petroleum Corporation.