The Federal
Government’s revenue drive has got a lift with additional $8.750 million or
N2.668 billion to be derived from fresh 175,000 barrels of oil equivalent per
day
from Shell’s Gbaran-Ubie Phase 2.
The new
production is approximately the equivalent of 864 million standard cubic feet
of natural gas per day (mmscf/d), and 26,000 barrels of condensate per day in
realisation of Federal Government’s gas monetisation programme.
According to
a statement by Shell Petroleum Development Company of Nigeria Limited (SPDC)
yesterday, signed by its spokesperson, Bamidele Odugbesan, Gbaran-Ubie Phase 2
followed the success of the first phase of the Gbaran-Ubie integrated oil and
gas development, which was commissioned in June 2010.
Odugbesan,
who stated that peak production at Gbaran-Ubie Phase 2 is expected in 2019 with
approximately 175,000 barrels of oil equivalent (kboe) per day, said that
Gbaran-Ubie Phase 2 would help to process the condensate from Kolo Creek,
Gbaran, Koroama and Epu fields, thereby assisting in reducing the volume of
flaring from SPDC operations.
He said that
the project had contributed to economic development in the Niger Delta and
assisted the local community and Nigerian companies.
In the same
vein, Managing Director, SPDC and Country Chair, Shell Companies in Nigeria,
Osagie Okunbor, said: “The latest development at Gbaran-Ubie is a powerful
statement on the continuing commitment of SPDC and our joint venture partners
to harness Nigeria’s oil and gas resources for the benefit of the country and
stakeholders.
“The project
was delivered safely through an integrated team with a significant engagement
and empowerment of community service providers and Nigerian companies.”
Also, Vice
President, Nigeria and Gabon, Peter Costello, described the development as an
“exciting news for Nigeria, as it signals Shell’s continued strategy of
deploying investment and expertise in our areas of strength. Our aim is to
continue to explore areas of partnership in Nigeria where the right conditions
exist and where we can add best value.”
Guardian*
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