Financial Energy Review
by Abisoye Shola…………..
After careful consideration of the prevailing macro-economic condition in Nigeria, Shell Gas B.V., a subsidiary of Royal Dutch Shell plc, Integrated Gas and New Energies Director, Maarten Wetselaar has said that investing in the Nigeria Liquified Natural Gas (NLNG) Train 7 was his company’s long term strategy and disciplined approach to capital investment.
According to him, natural gas is a core component of Shell strategy to provide more and cleaner energy solutions. “With global LNG demand expected to double by 2040, the expansion of the NLNG Bonny Island facility is crucial in helping Shell meet the world’s growing energy needs” he said.
Shell said all conditions for its Final Investment Decision (FID) on the new LNG processing unit at NLNG have
now been met. These conditions included formal commitment from the organisations providing financing for the project. Subsequent to the FID, the announcement of awards of engineering, procurement and construction (EPC) contracts.
“While remaining mindful of prevailing macro-economic challenges, Shell continues to see NLNG as a great resource that can deliver value to the people of Nigeria and investors alike. This decision is consistent with our long-term strategy and our disciplined approach to capital investment,” said Maarten
Osagie Okunbor, Country Chair, Shell Companies in Nigeria and Managing Director, said they are happy with the progress NLNG has made over the years and its enormous contributions to the Nigerian economy. “The EPC awards for Train 7 is good news for Nigeria with the potential to bring more export revenues, unlock new projects, and attract foreign direct investments, in addition to transforming the economy of the Niger Delta and Nigeria as whole” Okunbor said.
According to him, Shell is positioned to support NLNG’s expansion by working with the government and other partners to develop new gas resources to sustain growth and enhance both domestic and export gas supplies.
