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Nigeria says Shell signs $3.7B gas project agreement

|By: , SA News Editor

  • Royal Dutch Shell (RDS.A, RDS.B) reportedly has signed an agreement with Nigeria’s state-run oil company and two other groups to develop natural gas projects worth $3.7B, as part of the country’s efforts to deal with a looming domestic fuel shortage.
  • The seven projects would add 3.4B cf/day of natural gas to the Nigerian market to avoid a shortage that has been forecast for 2020, with gas produced under the projects used to produce a target amount of 15 GW of electricity by that year.
  • Nigeria is Africa’s top oil producer but has suffered a decline in oil and gas investments – despite the rebound in crude oil prices – due to a lack of government incentives and a delay in the approval of energy industry reform.

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