Shell Sells Off More Nigeria Oil Operations

Oil major Royal Dutch Shell has completed the sale of its stake in a group of oil wells and processing plants in the Niger Delta region of Nigeria for $600m.

The Anglo-Dutch company has sold off a range of interests in the country over recent months, amid heightened security issues and reports of oil theft.

Shell sold its 30% stake in Nigeria's onshore Oil Mining Lease 24 (OML 24) to Newcross Exploration and Production. Its French partner Total and the Italian firm Eni also sold their stakes in the Niger Delta operations to Newcross, Shell said in a statement.

Newcross will hold a 45% stake in the oil field, following the completion of the sale.

Shell has embarked on a worldwide effort to reduce its costs, with a number of Nigerian assets being put up for sale in October. The company said it had sold all the Nigerian assets that it had offered for sale.

The field produced around 13,000 barrels of oil and the equivalent volumes of natural gas per day in the first half of the year, the company said.