Nigerian Energy Co. Buys $147M Stake In Shell-Owned Field

Law360, New York (December 1, 2011, 3:58 PM EST) -- First Hydrocarbon Nigeria Ltd. has paid $147.5 million for a stake in an onshore oil block owned by a Royal Dutch Shell PLC subsidiary and two other energy companies, the buyer said Thursday.

FHN acquired a 45 percent interest in OML 26 from Shell Petroleum Development Co. of Nigeria Ltd., Total E&P Nigeria Ltd. and Nigeria Agip Oil Co., according to a statement from Afren PLC, FHN’s parent company.

OML 26 holds two producing and three undeveloped fields. FHN said it could recover as much as...
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