A joint venture led by Royal Dutch Shell PLC (RDSB.LN) Friday said it will invest $3.9 billion on new oil and gas projects in Nigeria that will maintain the country's domestic energy supplies and export capability, while reducing the problem of oil theft from pipelines that has caused serious environmental pollution.
A joint venture led by Royal Dutch Shell PLC (RDSB.LN) Friday said it
will invest $3.9 billion on new oil and gas projects in Nigeria that will
maintain the country's domestic energy supplies and export capability, while
reducing the problem of oil theft from pipelines that has caused serious
environmental pollution.
Shell said the investment demonstrates its long-term commitment to its presence
in
Nigeria
,
although it also plans a strategic review of its operations in the country that
could result in the sale of some onshore oil fields.
A $1.5 billion investment in a new pipeline, called the Trans Niger Pipeline
Loop-line, or TNPL, should help reduce oil pollution in the Niger Delta because
it will be designed to be better protected from attempts to steal the oil
carried within, Shell said.
A $2.4 billion investment in five gas projects, collectively called Gbaran-Ubie
Phase Two, will provide natural gas to run power stations in
Nigeria
and
to feed the Nigeria Liquefied Natural Gas export project, Shell said.
Shell will also conduct a strategic review of their interests in
Nigeria
,
which could result in its exit from some onshore oil and gas leases in the
eastern part of the Niger Delta, the company said.
Shell was commenting on behalf of the Shell Petroleum Development Company of
Nigeria Ltd., which is its joint venture with state-owned oil company Nigeria
National Petroleum Corporation, and the local units of
France
's
Total SA (TOT) and
Italy
's Eni
SpA (E).
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