News and information on Shell Plc
06.17.10, 08:42 AM EDT
LAGOS, Nigeria — Royal Dutch Shell PLC is warning Nigerian authorities that $40 billion of planned investments in the country could be jeopardized if lawmakers pass a new law overhauling the petroleum industry.
As many as 546 million gallons of oil spilled into the Niger Delta over the last five decades, or nearly 11 million gallons a year, experts said.A version of this article appeared in print on June 17, 2010, on page A1 of the New York edition.
BODO, Nigeria Big oil spills are no longer news in this vast, tropical land. The Niger Delta, where the wealth underground is out of all proportion with the poverty on the surface, has endured the equivalent of the Exxon Valdez spill every year for 50 years by some estimates. The oil pours out nearly every week, and some swamps are long since lifeless.
Perhaps no place on earth has been as battered by oil, experts say, leaving residents here astonished at the nonstop attention paid to the gusher half a world away in the Gulf of Mexico. It was only a few weeks ago, they say, that a burst pipe belonging to Royal Dutch Shell in the mangroves was finally shut after flowing for two months: now nothing living moves in a black-and-brown world once teeming with shrimp and crab.
Thu Jun 17, 2010 7:27am GMT
By Nick Tattersall
LAGOS (Reuters) – Royal Dutch Shell has some $40 billion worth of potential investment in deepwater oil projects in Nigeria on hold amid uncertainty over planned reforms to the energy sector, a senior executive told Reuters.
Mutiu Sunmonu, country chairman for Shell Nigeria, said it was difficult to make commitments without clarity over the terms of the Petroleum Industry Bill (PIB), legislation which will change the fiscal and regulatory framework in the OPEC member.
As BP watches its bill rise quickly for the oil spill, including $20 billion it is setting aside for claims, it could find the tally growing much faster in coming months if the United States Department of Justice files criminal charges against the company.
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