Shell, Nigerian Government to Boost Production

Royal Dutch Shell has made the move to increase production in Nigeria, according to local reports. Shell is currently involved in a JV with the Nigerian government, a venture that has been hindered by financial difficulties.

The attempt to boost production comes on the heels of a new plan offered by Nigeria's government to the oil giant that would alleviate the funding issues that have impeded further development of the venture.

According to The Financial Times, Nigerian President Umaru Yar'Adua proposed outlines that would raise financing independently rather than depend on cash financing from the Nigerian government. Shell has accepted Yar-Adua's proposal.

The Times report indicated that Shell is prepared to back Nigeria's portion of the financing with a loan until the deal can be finalized.

With a 60-year history in Nigeria, Shell averages 1 million bbl/d of oil production in Nigeria's land, swamp, and shallow offshore fields.


We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at news@rigzone.com .

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Regional Sales Executive
Expertise: Business Development|Sales
Location: Jacksonville, FL
 
Land Representative - MCBU Midland Surface
Expertise: Landman
Location: Midland, TX
 
Land Analyst - MCBU Midland
Expertise: Landman
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $49.3/BBL 0.80%
Light Crude Oil : $46.79/BBL 0.70%
Natural Gas : $3.04/MMBtu 0.97%
Updated in last 24 hours