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.”
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”.
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.
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.”
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.
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.
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.