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Shell may take up to a year to complete a planned sale of assets in Nigeria, and the process may be complicated by an election, the oil major’s chief financial officer said.
Shell is looking to make $15 billion in disposals worldwide this year and next, including the sale of its stake in four oil blocks in the Niger Delta, an area that holds a large share of Nigeria’s 37 billion barrels of oil reserves.
“We can come to a good commercial agreement,” CFO Simon Henry said in a conference call with investors on Wednesday.
“What is slightly more challenging and difficult to predict is how we can get the overall approvals across the whole of the stakeholder environment including the government, because in previous transactions that has taken … up to a year.”
An election planned for February could have an impact on the sale process, he said, without specifying in what way.
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Source: #BusinessDay
Shell is looking to make $15 billion in disposals worldwide this year and next, including the sale of its stake in four oil blocks in the Niger Delta, an area that holds a large share of Nigeria’s 37 billion barrels of oil reserves.
“We can come to a good commercial agreement,” CFO Simon Henry said in a conference call with investors on Wednesday.
“What is slightly more challenging and difficult to predict is how we can get the overall approvals across the whole of the stakeholder environment including the government, because in previous transactions that has taken … up to a year.”
An election planned for February could have an impact on the sale process, he said, without specifying in what way.
Click here to read more
Source: #BusinessDay
