Royal Dutch Shell, Europe's largest oil company, is close to selling four onshore blocks in Nigeria, a move the company announced by the company last month. The sale of the block is expected to close within a few days and it appears likely they will be sold to Nigerian companies.
Shell (RDS-A) has one of the largest footprints of any Western oil company in Nigeria, but has been looking to scale its presence back amid attacks on its assets, including pipelines, by militant rebels. Nigeria, an OPEC member, is Africa's second-largest oil producer behind Angola.
One of the blocks Shell is selling could be worth as much as $1 billion. The four blocks Shell is selling are located in the western swamps of the Niger Delta, according to the Wall Street Journal. One of the blocks is producing an estimated 45,000 barrels of oil per day and another two are producing 26,000 barrels combined, the Journal reported.
The Anglo-Dutch oil giant is looking to divest $5 billion in assets this year and has sold $30 billion in assets over the past five years.