“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.
Such a move might either be an IPO, Kyari said, or selling equity in the company to a strategic investor.
The AG said this failure would have a “disastrous effect of capital flight and commercial fraud”.
Nigeria is currently producing 1.45 million barrels per day, with plans to scale this up to 1.8mn bpd by the end of November.
Nigeria LNG (NLNG) has declared force majeure as a result of flooding that disrupted upstream gas suppliers.
Africa could build 120 million tonnes per year of LNG capacity, the International Gas Union (IGU) has said, but development remains slow.
Nigeria LNG (NLNG) will supply all of its LPG production to the domestic market, the company has announced, in line with the government’s plans to bolster local consumption.
Nigeria LNG has held a ceremony to mark the start of construction at Train 7, increasing capacity by around 35%.
Rivers State Governor Nyesom Wike has accused international oil companies of backing a conspiracy theory that the Niger Delta is unsafe.
Shell’s Nigerian production fell to 223,000 barrels of oil equivalent per day in 2020, with the company blaming security issues, sabotage and theft.
Demand for LNG will continue rising, Shell expects, leading the company to warn of a supply shortage by the mid-decade.
Nigeria LNG (NLNG) has awarded Siemens Energy a contract to provide a boil-off gas (BOG) compression train at Bonny Island.
Nigeria LNG (NLNG) has denied reports that top officials illegally withdrew $1.05 billion from its dividend account with its majority shareholder, Nigerian National Petroleum Corp. (NNPC).
The Lagos State Emergency Management Agency (LASEMA) has put out a fire at an illicit fuel storage depot at Oregun.
Nigeria plans to keep its liquefied natural supply at current levels despite prices near record lows, the opposite of what exporters from the US to Australia are doing.
Pandemic-driven lockdowns have taken their toll on small companies in every sector, while larger companies can take a longer view on matters, including in the LNG sector.
The Nigerian National Petroleum Corp. (NNPC) and Central Bank of Nigeria (CBN) will provide the funds for expatriate Nigerians to be brought home.
Rivers State has arrested 22 ExxonMobil employees for violating quarantine by entering the area from Akwa Ibom.