Rivers acquires Shell’s 45% stakes in OML 11

Rivers acquires Shell’s 45% stakes in OML 11

Egufe Yafugborhi – Port Harcourt

Rivers State Governor,  Nyesom Wike, on Monday announced the state government’s acquisition of Shell Petroleum Development Company (SPDC) 45 percent operating stakes in Oil Mining Lease (OML) 11 in Ogoniland,

Wike, in a brief state broadcast, said his administration has also made a $150million bid for the purchase of some other interest of SPDC, now placed on auction by extant Order of the Court.

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The governor said: ” It is in Rivers best interest to fully make the acquisition because t has become unlikely that for peace and security, the people of Ogoni will welcome SPDC on their land which formed part of OML 11″ over decades of conflict with host communities.”



Continue reading Rivers acquires Shell’s 45% stakes in OML 11 at Vanguard News.

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