Shell: All Buyers Granted Operatorshi

Aiteo Eastern Exploration and Production, Eroton, and Newcross E&P, all Special Purpose Vehicles created by Nigerian independents for the purchase of Shell, TOTAL and ENI’s equities in Oil Mining Leases (OMLs) 29, 18 and 24, respectively, paid about $4.6Billion in total for 45% of all these leases. It is the priciest sale of Nigerian hydrocarbon asset in one swoop.

Eroton, the Special Purpose Vehicle made of partners Midwestern Oil and Gas, Suntrust and Mart Resources was the last to receive ministerial consent as well as operatorship. It received the consent for OML 18 three weeks ago. The  Aiteo led consortium received consent for purchase of OML 29 last December. Newcross was the first to receive consent-for its purchase of 45% of OML 24, as far back as October 2014. Newcross production on OML 24 averaged 29,000BOPD in February 2015.