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Shell No Longer Looks To Nigeria To Drive Oil Output Growth-CEO

THE WALL STREET JOURNAL

JANUARY 12, 2010, 7:34 A.M. ET

LONDON (Dow Jones)–Royal Dutch Shell PLC (RDSB.LN) no longer looks to its troubled Nigerian operations to drive growth in its oil and gas output, said Chief Executive Peter Voser in comments posted on the company’s Web site Tuesday.

“Nigeria is still a heartland for Shell, but we no longer depend on it for our growth aspirations,” said Voser. “This gives us more flexibility in deciding when and how to develop oil and gas resources in Nigeria.”

Violence, kidnapping and sabotage attacks on infrastructure in Nigeria’s oil producing areas have hampered Shell’s operations for years. “During 2009 sabotage and attacks on installations of the Shell Petroleum Development Corporation of Nigeria have again reduced production levels,” and delayed a scheme to reduce gas flaring, Voser said.

Shell is seeking buyers for 10 of its Nigerian onshore oil producing assets worth between $4 billion and $5 billion, people familiar with the matter told the Wall Street Journal last month.

Company Web site: www.shell.com

-By James Herron, Dow Jones Newswires; +44 (0)20 7842 9317; [email protected]

WSJ ARTICLE

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