Business
Nigerian company buys oilfield once owned by Eni, Shell, Total
Thursday, December 1, 2011
A Nigerian oil company says it paid US$147.5 million for a stake in an onshore oil field once owned by Royal Dutch Shell PLC, Eni SpA and Total SA.
First Hydrocarbon Nigeria Ltd., a subsidiary of Afren PLC, said in a statement Thursday it bought a 45 percent stake in the field once held by the foreign firms.
The company said it hopes to get 40,000 barrels of oil a day from the fields in the next four years.
First Hydrocarbon Nigeria will partner with the state-run Nigerian National Petroleum Corporation (NNPC), which holds a 55 percent stake in the field.
The state-run company announced the sale in November, but gave no financial details.
Oil-rich Nigeria, an OPEC member, is a top crude supplier to the U.S.
Copyright 2011. The Associated Press
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