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Nigeria, Shell clinch 1.6 billion-dollar gas deal

24 February 2009

The new venture located in Gbaran in the southern Baleysa state was made public on the sidelines of an annual oil and gas conference in the administrative capital of Abuja.

Newly-appointed head of state oil firm Mohammed Barkindo signed the agreement with Mutiu Sunmonu, the head of the Shell Petroleum Development Corporation.

It is the single largest deal Shell has reached with Nigeria in the past year, said Shell.

“It is a practical demonstration of commitment to the oil and gas industry in Nigeria,” Sunmonu said.

Neither party gave any figures on the plant’s capacity or expected start up date.

Sunmonu said despite the state of security in the Niger Delta, Shell is prepared “to continue to work with government at all levels to make sure that we can indeed ensure the security of lives and property in the areas of our operation.”

“We believe that if all the stakeholders are committed to working together to solving the situation, there will be solution at the end of the day and that is why we have not chickened out,” Sunmonu said.

Nigeria claims to have gas reserves of about 187 trillion cubic feet ranking it number seven in the world.

Attacks on oil installations and workers in the Delta have reduced Nigeria’s oil production by about a quarter since 2006.

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