Thursday, May 19, 2011

Local firm closes in on Shell Nigerian oil block

(Reuters) - A consortium of Niger Delta E&P and Petrolin is in the final stages of talks to buy one of the Nigerian oil blocks Shell (RDSa.L) has up for sale, the CEO of one of the company's told Reuters on Thursday.

"We are still in talks and we are hopeful," said Layi Fatona, chief executive of the local Nigerian firm Niger Delta Exploration and Production. The company bid in partnership with African-focused energy firm Petrolin for block OML 34 which has oil reserves of around 200 million barrels, Fatona said.

Many of the other oil companies bidding for Shell's Nigerian assets have already been informed that they were unsuccessful. (Reporting by Joe Brock; Editing by Jon Loades-Carter)

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