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Shell Sells Nigerian Oil Lease for $1.7 Billion to Local Company

Royal Dutch Shell Plc has completed the sale of its oil lease in Nigeria’s eastern Niger River delta for $1.7 billion to the country’s Aiteo Eastern E&P Co. Ltd.

The divestment is part of Shell’s strategic review of its onshore portfolio in the West African nation and “is in line with the Federal Government of Nigeria’s aim of developing Nigerian companies in the country’s upstream oil and gas business,” it said in a statement on Wednesday.