Shell To Sell More Oil Blocks In Nigeria

[Shola Sholaz]

Oil giant Shell announced Friday it may sell more of its onshore oil blocks in Nigeria, where theft and sabotage have repeatedly cut into production in Africa's largest crude producer.
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The British-Dutch firm, Nigeria's biggest producer, also said the joint venture its Nigerian subsidiary operates was planning to invest $3.9 billion (3 billion euros) on gas projects and pipeline work.
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Shell said it may continue with efforts to sell off its interests in onshore oil blocks. It has sold its interests in eight blocks since 2010 for a total of $1.8 billion, it said.
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A number of multinationals have recently announced asset sales in Nigeria, which has been hit hard by oil theft, with some estimates that it costs the country $6 billion per year in revenue.