No Project Will Be Abandoned in Nigeria — Shell

The Shell Petroleum Development Company (SPDC) says it is determined to complete its projects in Nigeria without fear of abandonement, in spite of challenges in its operations.

The Managing Director, SPDC and Country Chair, Shell Companies in Nigeria, Mr Osagie Okunbor, said this on Wednesday at a panel session of oil majors at the 15th Nigeria Oil and Gas Forum in Abuja.

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

Okunbor, however, said the company was committed to long term projects in Nigeria with improved fiscal terms and better security.

He said 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.

Other oil majors at the session expressed their companies’ commitment to community social responsibilities in their areas of operation.

Others in the session were the Managing Director, ExxonMobil Upstream Nigeria, Nolan O’Neal; Managing Director, Total Upstream Nigeria, Mrs Elizabeth Proust; Senior Vice President and Managing Director, Addax Petroleum Nigeria, Mr Cornelis Zegelaar.

Earlier, the Vice President, Nigeria and Shell Upstream International, Mr 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.

“There are ongoing drilling projects on the Bonga Floating Production and Storage Offload (FPSO) such as the Bonga North West tie back which produced first oil in August 2014 ahead of plan and below the agreed budget. These projects are intended to generate returns for the nation and all stakeholders,” he said.

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Ihesiulo Grace

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