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Shell to invest $25 billion in Nigeria, other countries


Oil giant, Royal Dutch Shell, has announced plans to invest
about 25 billion dollars this year in Nigeria and all its oil and gas
operation across the world.
Shell made the announcement in its first quarter 2017 financial results released on Thursday.
The
report revealed that Shell netted an income of 2.2 billion dollars and
was expecting to generate 10 billion dollars in cash flow from the
delivery of some of its new projects by 2018.
The company recently
announced the resumption of oil production at its 225,000 barrels per
day (bpd) Bonga Floating Production Storage and Offloading (FPSO) field
in Nigeria’s deep-waters.
According to the company, the repair of Bonga will ensure sustained production and reduce unscheduled production deferments.
Shell
is also involved in a new deep-water project – the 13.5 billion dollars
Zabazaba Deepwater project located in Oil Prospecting Lease (OPL) 245.
The
net profit, it said, doubled in the first three months of 2017, as
rebounding oil prices and refining gains helped boost its revenue.
According
to the report, Shell generated a cash flow of 9.5 billion dollars in
the quarter, up 13 fold from a year earlier, and the strongest among
some of its rivals in the industry.
“We saw notable improvements
in upstream and chemicals, which benefited from improved operational
performance and better market conditions,” the Shell’s Chief Executive,
Ben van Beurden said in the report.
Shell, with operations in more
than 70 countries, is Nigeria’s oldest oil producing partner, holding
various joint venture and production sharing arrangements with the
Nigerian National Petroleum Corporation (NNPC) and other foreign oil
companies.

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