Off the wire
• Cavalia horse show set to wow HK audience  • U.S. stocks open mixed after Fed statement  • Pakistan defends lifting of moratorium on executions  • China, OECD to focus on sustainable development  • Kenya, Britain vow to boost trade  • British woman planning to join IS in Syria deported from Turkey  • 1st LD: Fighter jet bombs presidential palace, no casualties: source  • Ninety-five Chinese-made electric locomotives delivered to S. Africa  • Deputy director of Portugal's tax revenue service resigns  • Expert suggests due process to confiscate Xu Caihou's illegal gains  
You are here: 　 Home

Shell pledges long term projects in Nigeria

Xinhua, March 19, 2015 Adjust font size:

The Shell Petroleum Development Company (SPDC) has said it was committed to long term projects in Nigeria with improved fiscal terms and better security.

Osagie Okunbor, the country's managing director for the oil giant, said this on Wednesday at a panel session of oil majors at the 15th Nigeria Oil and Gas Forum in Abuja.

He said the company is determined to complete its projects in Nigeria without fear of abandonment, in spite of challenges in its operations.

The company had in January announced that it would cut global investment spending by 15 billion U.S. dollars over the next three years following the collapse in oil prices, causing fears about its projects in Nigeria.

According to Okunbor, the company was keen to see its projects in Nigeria completed in spite of the twin challenges of oil price decline and the very tough fiscal conditions it faced in Nigeria.

Earlier, the Vice President, Nigeria and Shell Upstream International, Markus Droll, said the company's projects were intact.

He said the current divestment was primarily aimed at refocusing its portfolio in Nigeria.

Droll said taking a Final Investment Decision (FID) on the world-class Bonga South West Aparo project was one of the deep water investment projects it was currently working on. Endi