Business Hilights
Tracking Nigeria's Headline Business News Online

In line with court ruling, Rivers acquires Shell’s 45 percent interest in OML 11

Oil revenue coming to the Rivers State is set to soar following the acquisition in line with complementary court rulings both in Nigeria and UK of 45 per cent interest of Shell Petroleum Development Company of Nigeria in Oil Mining Lease 11.

The field is located in Ejama Ebubu community, Eleme Local Government Area and other communities in Ogoni.

Giving further insights during State TV and Radio broadcast at the Government House in Port Harcourt on Monday, the state governor, Barr Nyesom Wike made it clear that the decision was in the best interest of the state both as a player and host.

Business Hilights gathered further that the state government had relied on court judgements, which had already been recorded in the United Kingdom and Nigeria for enforcement in the 45% acquisition of OML 11.

It would be recalled that the case which the state joined both in Nigeria and the UK had lasted for some years and ended earlier this year in favour of the state government for part ownership of the well and Oil Mining Lease.