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FCMB, GTB to acquire $187.5 million SPDC oilfield

Segun Adeleye The stage is set for First Hydrocarbon, a Nigeria-registered company jointly owned by Afren, First City Monument Bank (FCMB) and Guaranty Trust Bank (GTB), to acquire a 45 per cent stake in Oil Mining Lease (OML) 26 in Delta State from the Shell Petroleum Development Company (SPDC) joint venture. The value of the stake in the onshore field, where the Nigerian National Petroleum Corporation (NNPC) would hold the remaining 55 per cent, was put at $187.5 million. Afren, the London-listed ...
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Added October 21, 2010
from Nigerian Compass