Osagie Okunbor, managing director, Shell Petroleum. Photo: Shell.
LAGOS (Bloomberg) — Nigeria will get a large oil and gas investment from Shell Petroleum Development Company in the amount of about $15 billion, according to the Lagos-based newspaper ThisDay, citing managing director of the unit, Nosa Okunbor.
The company operates under a joint venture between the Nigerian National Petroleum Corporation, Royal Dutch Shell Plc, Total Exploration and Production Nigeria Ltd. and Nigerian Agip Oil Company Ltd., according to its website. Shell has a 30% stake in the business.
The projects earmarked for investment will include deep offshore, shallow water, swamp and land terrain, the newspaper reported.
Shell has also taken a final investment decision regarding the 300 MMsf3/day Assa North Ohaji gas project, which is expected to generate 1,200 megawatts, said Okunbor.