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“Nigeria is an important country for Shell. We see good opportunities there for potential investment,” referencing its Bonga offshore oil field and the expansion of liquefied natural gas as examples of this. Both projects are subject to a future final investment decision and we continue to work with our partners and the government towards that in each case.”
The minister observed that the Light sweet Nigerian crude is very similar to the light oil produced in US shale, adding that as US shale production has grown, the appetite for Nigerian crude in the US has dropped dramatically.
He said the maiden edition of the NIPS which is scheduled to hold from 18th to 22nd February, 2018, would provide a veritable platform for the international oil companies and other relevant stakeholders to brainstorm on ways to move the Nigerian petroleum sector forward.
Notwithstanding this positive outlook for the country, the AfDB said Nigeria still faces significant challenges, including foreign exchange shortages, disruptions in fuel supply, power shortages, and insecurity in some parts of the country.
“We are almost at a threshold of finalising the process of selection,” he said, adding that it could announce its selection by January or February.