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News and Highlights
The Shell Petroleum Development Company of Nigeria Limited (SPDC) has completed the assignment of its 30% interest in Oil Mining Lease 24 (OML24) and related facilities in the Eastern Niger Delta to Newcross Exploration and Production Limited (Newcross). Total cash proceeds for Shell amount to some $600 million.
Shell Nigeria Exploration and Production Company Ltd (SNEPCo) has announced plans to drill eight more wells in the Bonga field to help maximise deep-water production off the coast of Nigeria. This third phase of the Bonga Main development is expected to add around 40,000 barrels of oil equivalent per day through the existing Bonga floating production, storage and offloading (FPSO) facility.
Shell’s deep-water subsidiary in Nigeria, Shell Nigeria Exploration and Production Company Ltd (SNEPCo) today (August 5, 2014) started oil production from the first well at the Bonga North West deep-water development off the Nigerian coast, another milestone for the country’s energy industry.
The outcome of the Bodo preliminary issues trial has just been announced in London. A senior English judge ruled that the interpretation of Nigerian law by SPDC is correct in all the crucial points argued before the court. Mr Justice Akenhead accepted that the Nigerian Oil Pipelines Act provides a comprehensive and complete regime for compensation for oil spills.
Niger Delta youths are being given yet another chance to start their own businesses through the 2014 edition of the LiveWIRE programme, for which The Shell Petroleum Development Company of Nigeria Limited (SPDC), operated Joint Venture has just invited entries from eligible candidates.
Two Nigerian universities are participating in the 2014 edition of Shell Eco-marathon Europe, the first teams from Sub-Saharan to enter the global event. The Shell Petroleum Development Company of Nigeria (SPDC) Ltd operated Joint Venture is sponsoring University of Lagos and University of Benin to the event which holds in the Dutch city of Rotterdam, May 15 – 18.
The Force Majeure (FM) declared by SPDC on Bonny Light exports was lifted on November 27, 2013. The FM was declared on April 15, 2013 as a result of production deferment caused by crude theft leaks on the Nembe Creek Trunkline (NCTL), and was partially lifted on August 30, when some 60 illegal connections were removed on the section between San Barth and Bonny.