Royal Dutch Shell and its partners will decide next year on whether to go ahead with the development of Nigeria’s Bonga Southwest offshore oil field, a senior company official said July 31.
The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 per barrel, Bayo Ojuli, managing director of Shell Nigeria Exploration and Production Co., told reporters.
Shell is currently negotiating a production sharing contract with the Nigerian government which will determine the viability of the project, he said. The negotiations are expected to finish this year.
Shell operates the project and ExxonMobil, Total, Eni and the Nigerian National Petroleum Co. are partners.
Recommended Reading
Stonepeak, Dominion Energy to Partner on Virginia Offshore Wind Project
2024-02-22 - Stonepeak will acquire a 50% interest in Dominion Energy’s offshore wind project, which is expected to be the largest offshore wind farm in the U.S.
Equinor Brings Solar Plant Online in Brazil
2024-03-08 - Equinor says the Mendubim solar plant will produce 1.2 terawatt hours of power annually.
Talos Energy Sells CCS Business to TotalEnergies
2024-03-18 - TotalEnergies’ acquisition targets Talos Energy’s Bayou Bend project, and the French company plans to sell off the remainder of Talos’ carbon capture and sequestration portfolio in Texas and Louisiana.
EDF Renewables, SCPPA Sign PPA for Bonanza Solar
2024-02-28 - The site is expected to start delivering electricity to SCPPA’s customers by Dec. 31, 2028.
UAE's ADNOC Recently Eyed BP as Takeover Target, Sources say
2024-04-11 - The Emirati giant, Abu Dhabi National Oil Co., considered all options when looking at BP, including buying a big stake.