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Three international oil companies operating in Nigeria have sold their combined 45 per cent interest in Oil Mining Lease 17 and related assets in the Eastern Niger Delta to TNOG Oil and Gas Limited, an integrated energy company founded by Mr Tony Elumelu.
Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited assigned their interests of 30 per cent, 10 per cent and five per cent respectively in the lease to TNOG Oil and Gas.
SPDC announced in a statement on Friday the completion of the sale of its 30 per cent interest in OML 17 and associated infrastructure to TNOG Oil and Gas for a consideration of $533m.