By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)- Shell Petroleum Development Company said on Wednesday it has concluded the sale of 30 percent stake in the Nigerian oil block 29 and the Nembe Creek trunk line to Aiteo Eastern Exploration and Production Co in a deal worth $1.7 billion, according to a Reuters report.

The report affirmed that Total and Eni’s Nigerian arms also assigned their interests of 10 percent and five (5) percent, respectively, to Aiteo, which ended up with a 45 percent interest in total for both assets.