Shell To Spend $1B To Develop Nigerian Field

Friday, October 29, 1999
Royal Dutch/Shell plans to spend $1 billion developing the 120,000 bpd shallow water EA field off Nigeria using an innovative funding scheme. "The acreage would be developed with no investment by the government, and the private joint venture partners bearing all of the up front cost," Group Managing Director Phill Watts said. The alternative funding scheme is intended to lift the financial burden of state-run Nigerian National Petroleum Corporation - the biggest shareholder in the joint venture operated by Shell, in which Agip and Elf-Aquitaine also hold stakes. EA Field has reserves of 350 million barrels and is due to come onstream in the second half of 2002, producing 100 million standard cubic feet of gas per day in addition to oil, a Shell official said. Development of EA is the second stage of Shell's $8.5 billion integrated oil and gas investment strategy for Nigeria, which also includes development of further offshore fields and expansion of the Bonny liquefied natural gas plant. EA was discovered in 1965, but only more recent drilling technology has made its development viable, Shell officials said.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Bulk Carrier Trends

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1445 sec (7 req/sec)