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Shell puts $40bn investment in Nigeria on hold

06-18-2010 08:56 BJT

Royal Dutch Shell says it has put on hold some 40 billion US dollars worth of potential investment in deep water oil projects in Nigeria. This comes amid uncertainty over planned reforms to the energy sector.

A senior executive for Shell Nigeria says it's difficult to make commitments without a clear understanding of the terms of Nigeria's Petroleum Industry Bill. The legislation will change the fiscal and regulatory framework of the OPEC member.

Nigeria says the changes will make state oil firm NNPC more competitive and transparent, encourage investment, promote local oil company involvement and increase gas supplies to the domestic power sector. But international oil companies worry there will be higher taxes and royalties while the key issues of under-funding, corruption and security are not dealt with.

Editor:Du Xiaodan |Source:

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