The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the Shell Petroleum Development Company of Nigeria Limited (SPDC) assets being considered for divestments have an estimated reserve of 4.96 billion barrels of oil.
The Commission Chief Executive of NUPRC, Mr Gbenga Komolafe disclosed this on Monday in Abuja at the NUPRC-SPDC due diligence divestment workshop, aimed at discussing the proposed divestment of the participating interests held by SPDC in the SPDC JV Assets, through a sale by the shareholders of all the issued shares of SPDC to Renaissance Africa Energy Company Limited.
The SPDC JV assets are currently operated by the SPDC on behalf of its Joint Venture (JV) partners namely Nigeria National Petroleum Company Limited (NNPC Ltd.), Total Upstream Nigeria Limited, Nigeria Agip Oil Company and SPDC.
Komolafe said the assets have reserves of 1.77 billion barrels of condensate, 28.16 trillion cubic feet of associated gas and 28.11 trillion cubic feet of non-associated gas, which contribute to the achievement of Nigeria’s crude and condensate output.
“Additionally, these assets hold P3 reserves estimated at 2.85 billion barrels of oil, 850.85 million barrels of condensate, 11.3 trillion cubic feet of associated gas and 12.26 trillion cubic feet of Non-Associated Gas,” he added.
