• Tuesday, June 25, 2024
businessday logo

BusinessDay

Shell restates commitment to Bonga South West/Aparo project

Aradel Holding confirms Shell acquisition deal

Despite the falling oil prices, Shell Nigeria Exploration and Production Company Limited (SNEPCo) has restated its commitment to the implementation of the SNEPCO-operated Bonga South West/Aparo (BSWA) project, denying recent reports that it has stopped the development due to the slump in oil prices.

According to Tony Attah, the managing director of SNEPCO, “We can confirm that we are currently progressing in the tender for the engineering, procurement and construction (EPC) contracts to support the project.” He said although the process has encountered some delays, the management is optimistic for a final investment decision in the 2015/16 timeframe under the right conditions.

Read also: Banks halt trading on Naira as currency exceeds band

The BSWA project includes the construction of a new floating production, storage and offloading (FPSO) facility with an expected peak production of 225 thousand barrels of oil per day. The BSWA field straddles Oil Mining Leases (OML) 118, OML132 and OML140.

SNEPCo is the unit operator of the BSWA unitisation project pursuant to a pre-unit agreement between the Nigerian National Petroleum Corporation, Esso Exploration & Production Nigeria (Deepwater) Ltd., Total E&P Nigeria Ltd., Nigerian Agip Exploration Ltd., Texaco Nigeria Outer Shelf Ltd., Star Ultra Deep Petroleum Ltd., Sasol Exploration and Production Nigeria Ltd. and Oil and Gas Nigeria Ltd.