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Shell company said that it is determined to take the Final Investment Decision (FID) on some of the major projects in 2024, which would benefit the Nigerian oil and gas industry and the national economy
The Shell companies in Nigeria, which of late have divested their investments in the West African country have sought the support of the Nigerian Content Development and Monitoring Board (NCDMB) to achieve accelerated development of three major oil and gas projects in Nigeria. This, corporate circles indicate, is an assurance by the company that it is not leaving Nigeria. The company terms its recent divestments as a business realignment that would only affect the shareholding structure of the company. It further stated that the operations and staff would remain intact.
A senior functionary of the Shell company said that it is determined to take the Final Investment Decision (FID) on some of the major projects in 2024, which would benefit the Nigerian oil and gas industry and the national economy. He indicated that the Bonga North project would be a tie-back project that would unlock about 350 million barrels of oil equivalent and extend the life of Bonga Floating Production Storage and Offloading (FPSO) for another 15 years.
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He mentioned that the company had made appreciable progress in the plans for HI and HA projects which would supply 50 percent of the gas required for the successful operation of the Train 7 project currently being developed by the Nigeria Liquefied Natural Gas (NLNG). Shell also spelled out its plan to develop the Bonga North project as fast as possible to increase the country’s crude oil production.
