Shell, others to transfer 26 oil blocks of 8.2m barrels reserves to local firms
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Four International Oil Companies (IOCs) including Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell are set to divest from a total of 26 oil blocks in Nigeria. The divestment follows Shell's announcement to sell off its Nigeria onshore division SPDC for up to $2.4 billion. Oando is in talks to acquire NAOC assets from Eni, while Seplat is bidding to take over Mobil assets. The 26 oil blocks collectively hold an estimated total reserve of 8.211 million barrels of oil, 2,699 million barrels of condensate, 44,110 billion cubic feet of associated gas, and 46,604 billion cubic feet of non-associated gas. S&P Global Commodity Insights (SPGCI) and Boston Consulting Group (BCG) will work with the Nigerian Upstream Regulatory Commission (NUPRC) as independent advisors to identify liabilities associated with end-of-field life and abandonment legacies. The Central Bank of Nigeria has also stopped IOCs from repatriating 100% of their crude oil export proceeds, allowing banks to pool cash on behalf of IOCs up to a maximum of 50% of the repatriated export proceeds.

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https://www.legit.ng/business-economy/energy/1590832-shell-exxonmobil-transfer-26-oil-blocks-local-firms/