Tuesday, February 15, 2011

Shell says spent $602m on projects in Nigerian oil region in 2010


Lagos (Platts)

The Shell Petroleum Development Company Tuesday said it, along with its joint venture partners in Nigeria, spent Naira 9.03 billion ($602 million) last year on development projects in the oil-producing Niger Delta region.

The partners also spent N5.53 billion between 2005 and 2010 on programs aimed at boosting the economy of locals in the restive region, Shell said in a statement.

Every year, SPDC and its joint venture partners (NNPC, Total and Agip) invest huge sums of money in healthcare, roads, water projects, education and many other community development initiatives, said Shell.

The joint venture spent N5.53 billion between 2005 and 2010 on various economic empowerment programs in the Niger Delta, the company added.

Shell owns 30% in the ventures that account for around 40% of Nigeria's oil and gas output. Total holds 10%, Eni 5% and the state oil firm NNPC, 55%.

Shell has lately come under global scrutiny of its activities in the Niger Delta, with questions being asked about its role in the environmental degradation of the region through oil spillages.

The Shell statement quoted its general manager, sustainable development and community relations, Tony Attah saying that the company "cannot solve all the challenges of development in the Niger Delta" but would strive to make a lot of difference.

--Staff, newsdesk@platts.com

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