The Rivers state government has announced the acquisition of forty five percent in the Oil Mining Lease eleven from Shell Petroleum Development Company SPDC.
Governor NYESOM WIKE in a broadcast said the acquisition followed a court judgment for the auction of the oil facility.
Governor WIKE announced that the Rivers state government has paid one hundred and fifty million dollars for the takeover of OML eleven.
He explained that the state government is open to partnership with relevant stakeholders to ensure that the oil field fully comes on stream.
Governor WIKE said Rivers state has lost huge revenue due to the non-functioning of the oil bloc.