Shell to sell out of Nigerian oil fields

24th October 2010, Comments 0 comments


Shell is about to sell its shares in four large oil fields in Nigeria. The British newspaper the Sunday Times says they are likely to be sold to a consortium led by former BP head John Browne.

The papers says the sale will earn the Anglo-Dutch energy giant four billion dollars. Under normal circumstances the huge fields would be worth a lot more but the ongoing attacks on the fields and their workers have pushed down their current value.

Investment firms KKR and Blackstone are also said to be interested in acquiring Shell's interests in the oil fields. The other owners of the fields, the Italian concern Eni and France's Total, also have the right to buy Shell's shares.

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