Shell Nigeria considering investment in gas project in Niger Delta

Paul Carsten

WARRI, Nigeria (Reuters) – Shell is considering whether to invest in a gas project in Nigeria’s southern Niger Delta energy hub, the managing director of the local unit said on Tuesday.

Nigeria has the world’s ninth largest proven gas reserves, at 187 trillion cubic feet (tcf).

Osagie Okunbor, managing director of Shell Petroleum Development Company of Nigeria (SPDC), said it was “on the verge of making a final investment decision” on a project in the city of Asa that would have a capacity of 300 million cubic feet.

He declined to specify the sum of money being considered as a possible investment.

Okunbor told journalists Shell was putting more emphasis on gas and reducing the oil portion of its footprint in Nigeria, although he added that the company was “still a significant player in onshore (oil)”.

(Writing by Alexis Akwagyiram; editing by Susan Fenton and David Evans)

 

Related Content

“We should not be too rigid in embracing reforms for economic growth” – LCCI DG, Muda Yusuf

The Lagos Chamber of Commerce and Industry (LCCI), says for Nigeria to achieve strong growth between 6 to 8 per cent, policy makers should embrace reforms such as the deregulation of oil and gas, harmonisation of multiple exchange windows and privatisation of redundant state assets among others. Muda Yusuf, Director General of LCCI joins CNBC Africa for more.

Practical Nigerian Content: We must plug adoption loopholes to local content – Teslim Folarin

All unnecessary loopholes and layers creating opportunities for abuse must be removed for Nigeria’s local contention adoption to thrive within the oil and gas sector. That’s according to Senator Teslim Folarin, Chairman of the Senate Committee on Local Content while speaking to CNBC Africa’s Christy Cole on the sidelines of the just-concluded Practical Nigerian Content held in Yenagoa, Bayelsa.

Practical Nigerian Content: Iroghama Obuoforibo: Collaboration vital for capacity building

Stakeholder-engagements at the 9th Practical Nigerian Content have revolved around leveraging local content to grow Nigeria’s oil and gas industry, deepening the sector’s contributions to GDP as well as re-working policies. On the sidelines of the event, Chief Operating Officer of Starzs Investments, Iroghama Obuoforibo joins CNBC Africa’s Christy Cole, to discuss collaborations which are vital to building capacity of service providers within the industry and how they must be deliberately cultivate.

Slyva: PNC creates platform across Nigeria’s oil & gas value chain

Nigeria’s Minister of State for Petroleum Resources, Timipre Sylva has called on multinationals and indigenous oil companies in Nigeria to take a cue from the Nigerian Content Development and Monitoring Board and engage more local contractors. During his opening remarks and the 9th Practical Nigerian Content – Minister Timipre Sylva also highlighted priority areas for Nigeria’s oil and gas sector in the coming year. He joins CNBC Africa for more.

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

More from CNBC Africa

Droppa CEO on adapting and innovating to the harsh realities of COVID-19

Covid-19 has left many businesses with the stark reality of closing down or adapting. One company that is doing the latter is Droppa. Its CEO Khathu Mufamadi joins CNBC Africa for more.

The harsh taste of COVID-19 on Famous Brands

Famous Brands, the owner of several of South Africa’s best loved restaurant chains has scrapped its dividend for the second half of its financial year to preserve its balance sheet. The owner of Steers and Tashas warned that the COVID-19 pandemic has had a significant negative impact on the group. Famous Brands CEO, Darren Hele joins CNBC Africa for more.

African Bank CEO on how the bank is cushioning its customers from the effects of COVID-19

The Covid-19 lock-down has put pressure on individuals and businesses’ finances like never before. But what can be done to ease the pressure? Basani Maluleke, CEO, African Bank joins CNBC Africa for more.

How can professional athletes weather the COVID-19 crisis?

This year was supposed to be one of the biggest sports years for Kenya and East Africa, with athletes from the region set to participate in highly anticipated events like, the Magical Kenya Open, the Basketball Africa League, the African Championship of Nations and the Olympics. With all these sporting events and more being cancelled and postponed; and with gym closures and limited access to coaches leading to no place to train; where does that leave professional athletes and elite hopefuls as the world battles the Covid-19 pandemic? Sports Analyst, Sharon Allela joins CNBC Africa for more.

Trending Now

South Africa downgrades lockdown rules, sending 8 million back to work

Key Points South Africa to downgrade lockdown measures to level three on June 1. This means a full reopening...

Is SA’s mining industry too deep in the COVID-19 crisis?

The Covid-19 pandemic has far-reaching economic ramifications on the productivity and profits of many industries without the exception of the mining industry. For more than a century mining was a flourishing industry in South Africa. In 2019 it contributed close to R361 billion or 8.1 per cent to SA’s GDP and over R91 billion to fixed investment. It employed 454,861 people and paid R24.3 billion in taxes. Since early March, the mining industry’s average share price has dropped 10 per cent and individual companies have lost 30 to 50 per cent of their market value. Is mining too deep in the Covid-19 crisis? How can the mining industry pave the way to total recovery and become the sunrise industry it wants to be?...

How Richard Branson Is Trying To Save His Virgin Empire

Sir Richard Branson has cut a figure as a brash and rebellious impresario who took on big businesses with his larger-than-life personality, charm, and sheer guts. The Virgin Atlantic airline Branson started and grew from an industry underdog to a maj

Quite frankly, be candid… What African mining bosses and the minister call each other behind closed doors

For years it has been daggers drawn between government and mine owners in disputes over mining regulations that the latter fear are driving away investors from starting new mines.
- Advertisement -