Shell to Invest $25bn in Nigeria, Others


Chineme Okafor in Houston, Texas
Royal Dutch Shell has announced that it will invest around $25 billion this year in all of its oil and gas operation across the world, including Nigeria.
It also said it was expecting to generate $10 billion in cash flow from the delivery of some of its new projects by 2018.
The company stated this in its first quarter 2017 financial results released on Thursday. The report which THISDAY obtained in Houston Texas, United States, also showed that Shell netted an income of $2.2 billion.
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.
The company only recently announced the resumption of oil production at its 225,000 barrels per day (bd) Bonga Floating Production Storage and Offloading (FPSO) field in Nigeria’s deep-waters.
More to follow…