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Nigeria Get $22 Billion From Gbaran/Ubie Oil, Gas Project – Shell

CNNMoney.com

Nigeria Get $22 Billion From Gbaran/Ubie Oil, Gas Project – Shell

Dow Jones

 

IBADAN, Nigeria -(Dow Jones)- Nigeria will receive more than $22 billion in revenue from the Gbaran/Ubie integrated oil and gas project, which is being developed by Shell Petroleum Development Co. in the country’s southeast Bayelsa state, when it is completed, a Shell spokesman said Monday.

Precious Okolobo, public affairs manager for SPDC, said in a statement Gbaran/Ubie is one of Nigeria’s largest projects and its first phase has reached 50% completion. It is expected to boost gas supply capability to Nigeria’s liquefaction natural gas plant on Bonny Island, eliminate gas flares in nearby oil fields, supply gas to the government’s power plant and lay the foundation for further development phases.

According to the statement, Shell has signed a contract with engineering company Hanover Nigeria Ltd. to build a fuel gas processing facility at Gbaran in Bayelsa state as part of the project. The facility will process and supply fuel gas to the National Integrated Power Plant being built nearby by the federal government.

Hanover Nigeria is partnering with Inter Global Procurement and Engineering Services Ltd. for the work.

Hanover and IGPES are expected to complete the gas processing facility in the third quarter of 2009, which, at full capacity, will provide 80 million standard cubic feet of gas per day to the federal government’s power plant. SPDC has already completed drilling the gas wells, and flowlines are currently being installed to transport the gas from the wells to the processing facility.

-By Obafemi Oredein; Dow Jones Newswires; 234 2 7510489

  (END) Dow Jones Newswires
  08-04-08 1355ET
  Copyright (c) 2008 Dow Jones & Company, Inc.

 http://money.cnn.com/news/newsfeeds/articles/djhighlights/200808041355DOWJONESDJONLINE000338.htm

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