Shell, Total sell stake in Nigerian oil field

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WARSAW, May 7 (Reuters) – Royal Dutch Shell , France’s Total and Eni sold a 45 percent stake in a Nigerian oil block to a Polish-Nigerian consortium, Kulczyk Oil , a partner in the consortium, said late on on Friday.

The price paid by the consortium consisting of Kulczyk Oil and Nigeria’s Nest Oil, Aries and VP Global, was not disclosed, but a source on Thursday told Reuters the deal was worth $600 million (366 million pounds).

Kulczyk Oil said in a statement it has acquired 9 percent of the OML 42 block, a stake which could produce 11.5 million to 46.4 million barrels of oil equivalent.

“Kulczyk Oil believes these estimates are cautious because they do not take into account significant volumes of gas,” the statement said.

The transaction is subject to a number of approvals, including permission from Nigerian National Petroleum Corporation, which owns the remaining 55 percent of the block.

Reporting by Patryk Wasilewski; editing by Keiron Henderson

Sourced: Reuters

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