Shell Assessing $4 Billion Nigeria Oil Projects

Source: Reuters 4/18/2012, Location: Africa

Royal Dutch Shell Plc is assessing projects that could be worth around $4 billion to boost oil production in Nigeria and cut flaring of associated natural gas, Chief Executive Peter Voser said in comments published on the company's website. The projects should be completed by 2015, he said.

Oil companies such as Shell have been criticized for flaring gas instead of trapping it to sell as liquefied natural gas (LNG) or to supply to Nigeria, which suffers huge power shortages despite being Africa's top energy producer. Voser did not give details of the projects but said their completion would be subject to approval by Shell's partners and security in the volatile Niger Delta, where Shell operates.

"Shell is assessing new projects for onshore Nigeria, which will add new production and reduce flaring. These projects could cost some $4 billion," he said during a speech at a London event on sustainable energy the firm put up on its website. "We expect these to be completed in the 2014 to 2015 timeframe."

Investment by oil companies in Nigeria has been held back by a lack of clarity on regulations and oil theft, leaving some predicting that production will start falling soon. The Petroleum Industry Bill (PIB) to overhaul everything from fiscal terms on projects to the state oil company has been blocked by political wrangling for five years. Flaring is a major complaint of inhabitants of the oil-rich Delta, whose labyrinth of creeks and swamps are often lit up at night by the bright orange glow of gas flares.

"SPDC (Shell's joint venture in Nigeria) flared some 20 percent less gas in 2011 than in 2010, while increasing its oil and gas production by 7 percent in 2011," Voser said.


Cameroon >>  5/19/2022 - Victoria Oil & Gas Plc , whose wholly owned subsidiary, Gaz du Cameroun S.A . ("GDC"), is the onshore gas producer and distributor with operations lo...
United Kingdom >>  5/19/2022 - Hurricane Energy plc, the UK based oil and gas company, provides an update on Lancaster field operations and net free cash balances as of 30 April 202...

United States >>  5/17/2022 - Canadian Overseas Petroleum Limited ("COPL" or the "Company"), an international oil and gas exploration, production and development company with produ...
Russia >>  5/16/2022 - PAO NOVATEK (“NOVATEK”) announces that the Company's subsidiary OOO NOVATEK-Yurkharovneftegas has started pilot production from gas condensate deposit...

United Kingdom >>  5/16/2022 - Union Jack Oil plc (UJO), a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce its audited results...
United States >>  5/16/2022 - Nostra Terra (NTOG), the international oil & gas exploration and production company with a portfolio of production and development assets in Texas, US...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.