The Nigerian subsidiary of Royal Dutch Shell, the oil and gas titan, has disposed of its 30 percent shareholding in an oil mining lease in the Eastern Niger Delta to Eroton Exploration & Production Company for $737 million, it said at the weekend.

According to the Wall Street Journal (WSJ), the sale is in keeping with the company’s latest strategic assessment of its subsidiary’s on shore portfolio.

Shell added that it is dedicated to retaining a long-term existence in on shore and offshore there.

This disclosure happens at a time when the company’s CEO, Ben van Beurden, is embroiled in a pay packet furore.

The UK-based Telegraph newspaper reported at the weekend that Van Beurden’s total annual remuneration shot up from £17.2 million to £24.2 million despite the falling oil prices. The Telegraph cited the latest annual report as the source for this information.

The package included a €10.7 million pension contribution and €3.3 million annual bonus, according to The Telegraph, which added that his overall package surpassed the £10 million awarded to BP counterpart CEO Bob Dudley.

Royal Dutch Shell told the Financial Times it was the company’s standard policy and the CEO did not benefit from any special treatment.