Shell assessing $4 billion Nigeria oil projects
Thursday, 19 Apr 2012
"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.