NNPC reveals that two local firms had completed the purchase of 45 per cent stakes in two onshore oil blocks, previously owned by Shell, Total and Eni.

NNPC provided that First Hydrocarbon Nigeria (FHN), owned by Afren, bought a 45 pct stake in OML 26 owned jointly by Shell, Total and Eni. The block has target production of 50,000 barrels of oil per day by 2015.

These blocks are among several put up for sale this year by Shell Petroleum Development Company (SPDC), a joint venture between Shell (30 percent), Total (10 percent), Eni (5 percent) and NNPC (55 percent).

NNPC said the foreign oil majors sold 45 per cent of OML 42 to Neconde Energy. Neconde at the bidding stages was a consortium including Nigerian firms Nestoil, Aries & VP Global and Poland’s Kulczk Oil Ventures.

NNPC is transferring its stake in the former SPDC blocks to Nigerian Petroleum Development Company (NPDC), the exploration and production arm. NPDC and FHN will jointly operate production from OML 26.

Austen Oniwon, NNPC managing director, said at a signing ceremony attended by Shell, NPDC and FHN officials, “NPDC has the necessary resources. Also, working closely with FHN is poised to give quality services to the venture in the interest of both partners.

The statement said,” With the assignment of NNPC’s 55 per cent interest in the block to NPDC, the company is on track to achieve its target of production of 250,000 barrels per day by 2015.” Deals for three other SPDC owned blocks, OML 30, 34 and 40 are still unresolved.

One Comment

1. 

   Jos

   November 18, 2011 at 1:55 pm

   juz niedlugo 🙂