LNG sole option for Nigerian gas exports [Gas in Transition]
LNG sole option for Nigerian gas exports [Gas in Transition]
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Natural Gas News
LNG sole option for Nigerian gas exports [Gas in Transition]
Summary
Local control of onshore and shallow water oil and gas assets is unlikely to halt attacks on Nigerian oil and gas infrastructure, but it should result in a renewed focus on increased production. Despite ongoing supply problems, new LNG capacity is being developed, both on and offshore. by: Neil Ford
On January 16, Anglo-Dutch oil major Shell followed through on its plan to exit oil production in the Niger Delta by announcing that it had agreed to sell its Nigerian onshore subsidiary, Shell Petroleum Development Company of Nigeria (SPDC), to the Renaissance consortium for $1.3bn, with the entire deal valued at $2.8bn. Renaissance comprises four Nigerian upstream companies, ND Western, Aradel Energy, First E&P and Waltersmith, plus Africa-focused investor Petrolin. The deal must still be approved by Abuja. SPDC holds a 30% stake in the SPDC Joint Venture, alongside the state-owned Nigerian National Petroleum Corporation (NNPC) (55%), Total E&P Nigeria (10%) and Nigeria Agip Oil Company (5%). US oil major ExxonMobil, Norway’s Equinor and Italy’s Eni have all sold assets in the region in recent years. Shell said that it would continue to p...