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Alhaji the Hon. Abubakar Tafawa Balewa, Prime Minister of the Federation of Nigeria boards the STS H

Alhaji the Hon. Abubakar Tafawa Balewa, Prime Minister of the Federation of Nigeria boards the STS Hemifusus to perform the ceremony of starting the first oil flow from Nigerian soil into the vessel, February 17th 1958.

First Steps 

  • 1936 - The Royal Dutch/Shell Group founded Shell D'Arcy, the first Shell company in Nigeria.
  • November 1938 - Shell D'Arcy was granted Exploration licence to prospect for oil throughout Nigeria
  • January 1956 - First successful well drilled at Oloibiri by Shell D'Arcy
  • April 1956 - Changed name to Shell-BP Petroleum Development Company of Nigeria Limited

First Oil

  • February 1958 – The first shipment of oil from Nigeria
  • April 1961 - Shell's Bonny Terminal was commissioned
  • September 1971 - Shell's Forcados Terminal was commissioned

Agreements

  • April 1973 - First participation agreement; Fed. Govt. acquires 35% shares in the Oil Companies
  • April 1974 - Second Participation Agreement; Federal Government increases equity to 55%
  • July 1979 - Third Participation Agreement (through NNPC) increases equity to 60%
  • August 1979 - Fourth Participation Agreement; BP's share holding nationalised; NNPC = 80%, Shell = 20%