Shell
Nigeria Exploration and Production Company (SNEPCo), a subsidiary of
Royal Dutch Shell, says the investments of international oil companies
(IOCs) in Nigeria’s deepwater projects has hit $48 billion.
Noting the significant dimension of the business, SNEPCo MD, Chike Onyejekwe said that company had produced 450 million barrels of crude on its Bonga field alone and its official oil reserve was currently at 36 billion barrels.
According to the MD, the deepwater potentials is capable of generating about $3 billion yearly, besides producing up to 600,000 barrels per day and 200,000 jobs, which is equivalent to growing the oil and gas industry by 30 percent, Ventures Africa reports.
He estimated that the deepwater operators are spending over $5 billion yearly, hence the need for a fair legislative document that would encourage further investment in the sector.
Speaking further, Onyejekwe who stated that the company (Shell) has grown to become the 12th largest oil producer in the world, said, the company was pioneering industry growth initiative to boost local production index as Nigeria derives 80 per cent of its annual budget financing from the industry.
Meanwhile, another top official of SNEPCo, Stefan Vos De Wael, while quoting the McKinsey Multiplier Model, stated that with the huge potential posed in the deepwater basins in Nigeria, the IOCs are planning to invest about $165 billion into the industry in the next five years.
The investment will go into new oil and gas development and infrastructure that would boost production and development industries’ competences.
He noted that the deepwater projects, which are currently handled by Shell, ExxonMobil, Agip, Chevron and Total have delivered over 0.8 billion barrels up to 2012 while the IOC has invested over $48 billion in deepwater exploration since 1993. The investments were said to have come through world-class projects like Abo (Agip), Erha (Mobil), Bonga (Shell), Usan (Total), Agbami (Chevron) and Akpo oil fields.
Noting the significant dimension of the business, SNEPCo MD, Chike Onyejekwe said that company had produced 450 million barrels of crude on its Bonga field alone and its official oil reserve was currently at 36 billion barrels.
According to the MD, the deepwater potentials is capable of generating about $3 billion yearly, besides producing up to 600,000 barrels per day and 200,000 jobs, which is equivalent to growing the oil and gas industry by 30 percent, Ventures Africa reports.
He estimated that the deepwater operators are spending over $5 billion yearly, hence the need for a fair legislative document that would encourage further investment in the sector.
Speaking further, Onyejekwe who stated that the company (Shell) has grown to become the 12th largest oil producer in the world, said, the company was pioneering industry growth initiative to boost local production index as Nigeria derives 80 per cent of its annual budget financing from the industry.
Meanwhile, another top official of SNEPCo, Stefan Vos De Wael, while quoting the McKinsey Multiplier Model, stated that with the huge potential posed in the deepwater basins in Nigeria, the IOCs are planning to invest about $165 billion into the industry in the next five years.
The investment will go into new oil and gas development and infrastructure that would boost production and development industries’ competences.
He noted that the deepwater projects, which are currently handled by Shell, ExxonMobil, Agip, Chevron and Total have delivered over 0.8 billion barrels up to 2012 while the IOC has invested over $48 billion in deepwater exploration since 1993. The investments were said to have come through world-class projects like Abo (Agip), Erha (Mobil), Bonga (Shell), Usan (Total), Agbami (Chevron) and Akpo oil fields.
No comments:
Post a Comment