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Shell bring billions despite Nigeria's oil troubles
LAGOS, NIGERIA: Nigeria's troubled oil industry enjoyed some rare good news
today as Shell and the country's national oil company struck a US$3.1
billion deal.
An oil financing agreement which will fund their upstream joint venture
projects was signed, with the Anglo-Dutch giant saying a "climate of
sustained confidence" is needed.
Nigerian National Petorleum Corporation (NNPC) has a 55 percent interest in
the joint venture. Shell, Nigeria Agip Oil Company (NAOC) and Elf Petroleum
Nigeria Limited (EPNL) hold 30, 10 and five percent respectively.
A spokesman for Shell said, "Stability of fiscal terms, sanctity of
contracts and proper funding remain essential for us to be able to support
the government in meeting its growth aspirations."
According to the agreement, Shell will finance NNPC up to US$1.3 billion to
cover the shortfall in the Nigerian government's equity contributions in the
2008 operations of joint ventures.
The deal also provides a bridge loan of US$1.8 billion to finance NNPC's
outstanding payments for 2006/07 Joint Venture Cash Calls.
Nigerian is continuing to suffer mass reductions in output as gunmen reign
terror over the oil producing Niger Delta. Just days ago 11 soldiers were
killed as militants sabotaged a Shell pipeline. The country is Africa's
largest oil exporter and holds some of the biggest reserves in the world.
