Onshore operations in Nigeria have long been a challenge for operators, with a laundry list of problems including political challenges, sabotage, bunkering and foreign exchange.
“But most of the cash flow increase is coming from improvements in the quality of the portfolio. We're shifting from mature legacy assets to next generation assets.”
M&A remains an important means for oil and gas companies to access new reserves and opportunities, despite the challenges.
The company went on to note that installation followed rigorous testing, resulting in Total qualifying the TCP jumper for permanent subsea applications.
“This agreement marks an important milestone for Shell in Nigeria, aligning with our previously announced intent to exit onshore oil production in the Niger Delta”, said Shell integrated gas and upstream director Zoë Yujnovich.
NNPC head Mele Kyari said the Port Harcourt project would deliver “value to Nigerians”. With the first phase completed, the company will “get the other plants running in 2024”.
The Economic and Financial Crimes Commission (EFCC) raided Dangote’s headquarters in Lagos on January 4.
Seplat CEO Roger Brown said ANOH was an “important strategic project” for the company. "It will roughly double our gas production, and we are focused on the path to first gas”, he said.
“I have fought the good fight, I have run the race and I have kept the faith,” said Ayuk.
At the heart of the case is a failed 2010 gas deal between Nigeria and P&ID.
Kyari went on to say the company was promoting “several” FLNG schemes and was willing to take practical steps to secure them.
In notes on its decision, Norway said NewMed’s investment in the licence “is not conducted in accordance with the wishes and interests of the people of Western Sahara, and because it contributes to maintain an unresolved situation for the area”.
“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove”, the president said. “We need each other … we want you to do more.”
Traders said the switch will make the cargoes more prone to the kind of volatility that besets wider oil markets.
The Norwegian drilling company flagged problems in Nigeria during its third quarter results, filed on November 28.
Angola Minister of Mineral Resources, Oil and Gas Diamantino Pedro Azevedo said the decision on cuts had not been unanimous.
For Shell or its local Shell Petroleum Development Co. (SPDC) to be held liable, “the court must be satisfied that there were no other significant causes which contributed to the claimants’ alleged losses such as spills by other operators or pollution as a result of illegal refining or sabotage”, the spokesperson said.
“Marginal fields would [henceforth] be prioritised in terms of their location to those who have modular refineries, so that they will be able to produce,” he said.
Operations at the Nigerian oil block have been halted for more than a decade by a series of trials and competing legal claims.
FEED work “could facilitate” a final investment decision (FID) on Preowei, Africa Oil, said.
As such, the crude is a good fit for major buyers in Europe, NNPC said, and commands a premium to Brent. The crude has an API of 29 degrees.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on November 1, said it was “determined to enforce the domestic crude oil supply obligations” for Nigerian refineries.
The company said ANOH had faced challenges in the “security situation, poor weather, and contractor performance”.
Cash flow from operations reached $9.3bn in the quarter, and $27.4bn for the first nine months of the year.
Nigeria’s government dodged having to payout as much as $11 billion after a London judge ruled that the arbitration award over a failed gas deal, handed to a hedge-fund backed firm was won fraudulently.