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News and Highlights
Production has resumed at EA on the completion of repairs to the mooring platform.
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.