Shell Venture Set to Invest $15 Billion in Nigeria, ThisDay Says

(Bloomberg) -- Shell Petroleum Development Company plans to invest about $15 billion in oil and gas projects in Nigeria over the next five years, Lagos-based newspaper ThisDay reported, citing managing director of the unit, Nosa Okunbor.

The company operates under a joint venture between the Nigerian National Petroleum Corporation, Royal Dutch Shell Plc, Total Exploration and Production Nigeria Ltd. and Nigerian Agip Oil Company Ltd., according to its website. Shell has a 30 percent stake in the business.

The projects earmarked for investment will include deep offshore, shallow water, swamp and land terrain, the newspaper reported.

Shell has also taken a final investment decision regarding the 300 million standard cubic feet/day Assa North Ohaji gas project, which is expected to generate 1,200 megawatts, said Okunbor.

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