Yahoo! News: Shell hands over 12 marginal oil fields to Nigerian firms: “Anglo-Dutch oil giant Royal Dutch/Shell Group (LSE: SHEL.L - news - msgs) has formally handed over 12 of its marginal oil fields to 16 Nigerian firms, in an effort to encourage local participation in the oil and gas sectors, company officials said.” (ShellNews.net)
LAGOS (AFX) - Anglo-Dutch oil giant Royal Dutch/Shell Group (LSE: SHEL.L - news - msgs) has formally handed over 12 of its marginal oil fields to 16 Nigerian firms, in an effort to encourage local participation in the oil and gas sectors, company officials said.
Speaking at a ceremony yesterday in the southern oil city of Port Harcourt, Shell managing director in Nigeria, Basil Omiyi, said the move underscores his company's commitment to build indigenous capacity in the nation's upstream sector of the oil and gas industry.
'We are... formally handing over to these companies all rights, benefits, duties and liabilities associated with conducting petroleum operations', Omiyi said, as quoted by the officials at the event.
Following competitive bidding for Shell's 12 marginal fields, in which 40 companies participated, the government last year February announced the names of the 16 local firms awarded the oil fields.
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