Indian hydrocarbon explorer and producer Oil India is considering acquiring oil and gas blocks of Anglo-Dutch firm Shell in Nigeria.
The company is seeking to buy Shell’s stakes, valued at around $2bn, in certain onshore blocks, reported Bloomberg citing sources with knowledge of the matter.
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For the proposed transaction, the Indian firm plans to partner with Sterling Energy & Exploration Production (SEEPCO), a division of Sandesara Group, the sources added.
SEEPCO owns over 250 million barrels of certified oil reserves along with natural gas reserves of one trillion cubic feet in the Niger Delta.
In recent years, Oil India has made a series of acquisition, including holdings in Mozambican gas fields and US shale assets.
Other firms seeking to buy the Nigerian assets include Dangote Group and Lagos-based Seplat Petroleum Development.
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By GlobalDataThe sale of oil fields by Shell and Chevron comes despite continual violence and crude theft in the delta of the Niger River.
Last year, Shell said that divestments in Nigeria have been postponed to 2014, and reported $1bn decline in earnings in the country for which it cited oil theft and halts on liquefied natural gas exports by the government.
