SHELL NIGERIA PLANS BIG FOR OIL AND GAS PROJECTS IN 2024.

Shell is planning big to take the final investment decision ( FID) on some of the major projects in 2024,which would benefit the Nigerian oil and gas industry and the national economy.

The Chairman of Shell companies in Nigeria ( SCIN) Mr Osagie Okunbor made this known in Abuja when he led a management team of the company to a meeting with Nigerian content Development and monitoring Board ( NCDMB) management members.He clarified that the planned divestment by Shell petroleum Development Company of Nigeria ( SPDC) would not affect any contract entered into by the company. This is in addition to ensuring that all the major projects in the gas sector would be developed under Shell Nigeria Exploration and production company ( SNEPCO).

Mr okunbor told Newsmen that the purpose of the meeting is to seek the support of the Nigerian content Development and monitoring Board to achieve accelerated development of three major oil and gas projects, notably,Bangalore North Deepwater and H1 and HA, which are conventional gas projects. The Chairman explained that the divestment was a business realignment that will just affect the shareholding structure of the company while the operations and staff would remain intact.

The Bonga North project is expected to be a tie – back project that would unlock about 350 million barrels of oil equivalent and extend the life of Bonga floating production storage and off loading( FPSO) for the next fifteen years.

While giving more details of Shell activities, Mr okunbor revealed that the company had recorded significant progress in the plans for H1 and HA projects with capacity for the supply of 50 percent of the gas required for the successful operation of the Train 7 project currently being developed by the Nigerian Liquefied Natural Gas company ( NLNG).

He stressed the need to develop the gas projects speedily so as to avoid delaying the Train 7 operation date,adding that Shell companies in Nigeria is grateful for the support being enjoyed from the Nigeria content Development management Board on it’s various projects.

Mr okunbor pleaded with the NCDMB board to give speedy approvals on the new projects so as to make the execution plans begin in earnest due to the challenging nature of expenditures required for both within and outside Nigeria scopes of the project.

The Chairman of the Shell companies commended the Executive secretary of the NCDMB on his appointment. He pledged the support of Shell companies to enhance good service delivery of Nigeria Content Development and monitoring Board, as a top achiever among the existing Federal agencies in Nigeria. He noted that the vision of the executive secretary to improve on the Board’s approval procedures will equally hasten development of new oil and gas projects.

The managing Director of SNEPCO,Ms Elahor Aibomi stressed the importance of the Company’s plan to develop the Bonga North project as fast as possible inorder to increase the country’s crude oil production.

In his response, the Executive secretary of the NCDMB said efforts would be made as fast as possible to sustain the current tempo of expeditious consideration and approvals of oil and gas projects through meeting the timelines set by the service level agreement ( SLA) instituted for shortening the contracting cycle for oil and gas projects.

The international oil and gas companies in Nigeria were implored to meet the thresholds set by the Nigerian oil and gas industry content Development ( NOGICD) Act in their projects, as well as be transparent with all the project plans submitted to the board.

He is of the view that oil and gas projects should be executed with a Win- Win mindset whereby NCDMB will meet up it’s mandate in addition to creating opportunities for local oil service companies to get engaged and employ Nigerians while the operating companies deliver projects profitably and timely too.