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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Matson Declares Q2 2014 Dividend

Leading US carriers in the Pacific, Matson, Inc., apprises it has declared a second quarter 2014 dividend of $0.16 per common share. "Today's authorization continues

Cold War Revival? British Military on Guard

UK's Ministry of Defence says that warship HMS Dragon & an RAF Typhoon aircraft have been in contact with their Russian counterparts this week, as follows: The

Oceanteam Financial Transformation Aids 2013 Business

Diversified offshore shipping company Oceanteam's CEO, Haico Halbesma, writes in the Annual Report 2013 that it was a year of consolidation and operational focus for Oceanteam Shipping ASA.

Bulk Carrier Trends

Court: Japan's Mitsui Paid to Release Ship

China Supreme Court says Mitsui pays about $29 mln; Ship released about 0030 GMT Thursday. Ship was seized over dispute dating back to 1930s. Advisor to plaintiffs says will likely demand more money.

CMM Takes Delivery of Damen PSV for Brazil

New supplier CMM Gravity to start on long-term contract with Petrobras. CMM has taken delivery of a Damen Platform Supply Vessel 3300. The 80-meter, 3,300t deadweight

China's Seizure of Japanese Ship has Pre-WWII Roots

It all began with a pre-World War II contract between China's then "ship king" and a Japanese company to lease two Chinese freighters. When the one-year lease was up in 1937,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators
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: 0.1234 sec (8 req/sec)