Bloomberg/Luke Sharrett

Business

Shell Venture set to invest $15 billion in Nigeria

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The projects earmarked for investment will include deep offshore, shallow water as well as swamp and land terrain.

Sunday 07, April 2019

(Bloomberg) --Shell Petroleum Development Company plans to invest about $15 billion in oil and gas projects in Nigeria over the next five years.

The company operates under a joint venture between the Nigerian National Petroleum Corporation, Royal Dutch Shell, as well as Total Exploration and Production Nigeria and Nigerian Agip Oil Company.

Additionally, Shell holds a 30 per cent stake in the business.

Nosa Okunbor, the Managing Director of Shell Venture, said that Shell has also taken a final investment decision regarding the 300 million standard cubic feet/day Assa North Ohaji gas project, which is expected to generate 1,200 megawatts.

TAGS : Shell Venture , NNPC, Total Exploration and Production Nigeria, Royal Dutch Shell, Nigerian Agip Oil Company

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