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Re: diggg post# 565

Thursday, 05/22/2014 2:12:59 PM

Thursday, May 22, 2014 2:12:59 PM

Post# of 591
Color on OML 18 assets...

Oil firms position for Shell’s $3bn OML 18, Nembe Creek pipeline
(assets for sale)
Local and International oil companies have stepped up race to purchase the Shell’s stakes in Oil Mining Lease (OML) 18 and the troubled Nembe Creek Pipeline, New Telegraph investigation showed at the weekend.
The Royal Dutch Shell, as exclusively reported by this newspaper last Thursday, secretly placed these assets in Nigeria worth N480 billion ($3 billion) for sale.”
Check however, revealed that Glencore and six other members of consortium are to submit final bids for the assets. “The race is becoming hot now and I can tell you that Shell is now receiving final bids on the assets,” a source close to the deal told this newspaper.
The assets include the stakes in Oil Mining Lease (OML) 18 where Shell’s subsidiary in Nigeria, Shell Petroleum Development Company (SPDC) operates the gas plant at Alakiri Creek as well as the troubled 97-kilometre Nembe Creek oil pipeline.
“The oil giant is selling its 30 per cent stake in four oil blocs, owned jointly with France’s Total and Italy’s Agip,” according to a source familiar with the deal. Shell spokesperson, Precious Okolobo, confirmed the process but declined to give details of the divestment plan. “The process for any potential divestment is fair and transparent and doesn’t confer preferential status on any party.
We do not wish to go into details as divestment processes are ongoing and confidential,” he said. The s ource, however, said that Shell has already shortlisted Glencore and six other members of consortium to submit final bids for its assets worth around $3 billion. The OML 18 asset, where Shell operates the gas plant at Alakiri Creek, produces 80 mmscf/da. The gas production is slated to increase to 120 mmscf/d, and Nembe Creek pipeline which transports 150,000 oil barrels per day.
Nigeria, Africa’s biggest crude exporter, had lost about $76 million to the eight days’ shutdown of Nembe Creek pipeline by Shell. Shell, which said it spent $1.1billion in 2010 to replace the 95,000 barrels per day capacity facility, announced its shutdown penultimate Sunday.
Shell Petroleum Development Company (SPDC), a Nigerian subsidiary for the Anglo- Dutch firm, confirmed the shutdown of NCTL. Okolobo, however, disclosed to this newspaper at the weekend that the facility is yet to be restored.
Although he declined to comment on the stage of completion of the repair work, Okolobo maintained that his company was still working on removal of crude theft points on the facility. “What I can tell you is that

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