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May 26, 2015 6:10 AM ET

Oil, Gas and Consumable Fuels

Company Overview of The Shell Petroleum Development Company of Nigeria Limited

Company Overview

The Shell Petroleum Development Company of Nigeria Limited produces and supplies gas to domestic customers through pipelines. The company was founded in 1937 and is based in Lagos, Nigeria. The Shell Petroleum Development Company of Nigeria Limited operates as a subsidiary of Royal Dutch Shell plc.

Freeman House

21/22 Marina

PMB 2418

Lagos,  23401

Nigeria

Founded in 1937

Phone:

234 1 2769999

Fax:

234 8070269999

Key Executives for The Shell Petroleum Development Company of Nigeria Limited

Managing Director
Compensation as of Fiscal Year 2014.

The Shell Petroleum Development Company of Nigeria Limited Key Developments

SHELL Petroleum Development Company of Nigeria Ltd, Total E & P Nigeria Ltd and Nigeria Agip Oil Company Ltd Seek to Stay Further Proceedings in a Suit

SHELL Petroleum Development Company of Nigeria (SPDC) Ltd, Total E & P Nigeria Ltd. (TE&P) and Nigeria Agip Oil Company Ltd. (NAOC) have filed an application seeking to stay further proceedings in the suit filed to halt them from transferring their 45% participating interests in Oil Minning Lease (OML) 25 at the Federal High Court, Lagos. The matter is before Justice Mohammed Idris. The Judge had earlier made an order after hearing ex-parte application and arguments presented by Tayo Oyetibo, SAN, counsel to the applicant, Crestar Integrated Natural Resources Limited (CINRL), retraining Shell and others from divesting their interest in OML 25 pending the determination of the suit. But the defendants said they seek to stay further proceedings pending outcome of arbitration, which is the clause in the agreement between Crestar and the defendants for the assignment of OML25 to Crestar. Their motion also seeks to discharge the order of interim injunction previously made by Justice Idris. When the matter came up, the applicant's motion on notice for interlocutory injunction could not be taken as a result of the defendant's application and the need for the applicant to respond to it. Consequently, the matter was adjourned to February 23 and 24 for hearing. The applicant had approached the court to complain against the defendants - SPDC, TE&P and NAOC attempt to divest their interest in OML 25 to other firms contrary to the agreement they had with the applicant to transfer the interest to it. As a result, the judge made an order, restraining the defendants from proceeding or continuing to negotiate or engage in any transaction or contract calculated or purported to transer, sell, farm out or otherwise charge, encumber, dealing, dispose of or divest the defendants/respondents 45% participating interest in Oil Minning Lease (OML) No. 25 to any person, authority or agency pending the determination of the motion on notice. The court also made an order restraining the defendants, from declaring any other bidder apart from the applicant as the preferred bidder for the assignment of the defendants 45% undivided participating interest in OML 25 pending the determination of the motion on notice. The applicant had alleged that it had paid $453,320,000 to an escrow account with JP Morgan in London, which was nominated by the defendants, consequent upon which a sale and purchase agreement (SPA) was executed by Crestar and the defendants. Crestar further alleged that under the Joint Operating Agreement (JOA) by which the defendants and NNPC were operating the OML 25, NNPC had 30 days, from the date it was notified of the intention of the defendants to assign their interests to Crestar, within which to exercise its pre- emption rights. The defendants' notice to NNPC was alleged to have been dated July 3, 2014 and promptly delivered to NNPC which responded by a letter dated October 27, 2014 to exercise its pre-emption rights to buy the defendants' interests in the OML 25.

Shell Petroleum Development Company Signs Memorandum of Understanding with General Electric for Comprehensive Healthcare Project in Ogbia

Shell Petroleum Development Company (SPDC) has signed a Memorandum of Understanding (MoU) with General Electric (GE) for a comprehensive healthcare project in Ogbia local council area, Oloibiri and its neighbouring communities, where crude oil was first discovered in the country. Promoters of the project said that the aim is to institute fully equipped general hospital and at least four primary healthcare centres in the historic Olobiri and the neighjbouring beneficiary communities. The initiative would provide Universal Health Coverage and Health System for the people of Ogbia local council.

Osagie Okunbor Appoints as Managing Director for Shell Petroleum Development Company of Nigeria Limited Replacing Mutiu Sunmonu

Osagie Okunbor has been appointed as managing director for Shell Petroleum Development Company of Nigeria Limited. He takes over from Mutiu Sunmonu, who is retiring after 36 years of service. Okunbor has also been named the Country Chair of Shell Companies in Nigeria, combining the two positions his predecessor also held. He is currently Senior Advisor in Shell's Upstream International operated business, based in The Hague, The Netherlands, from where he returns to Port Harcourt to take up his new role.

Similar Private Companies By Industry

Company Name Region
Oil Mining Leases in Nigerian Offshore Middle East/Africa
Total E&P Nigeria Ltd. Middle East/Africa
Gaslink Nigeria Ltd. Middle East/Africa
Linetrale Petroleum Limited Middle East/Africa
Oando Exploration and Production Limited Middle East/Africa

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
November 12, 2014
OML 25
Merger/Acquisition
October 21, 2014
Nigerian Oil Mining Lease 18
Merger/Acquisition
October 9, 2014
OML 29 and Nembe Creek Trunkline
 

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