/ 11 February 1999

SHELL NIGERIA DEAL GOES AHEAD

OIL giant Royal Dutch Shell said on Thursday that it is still trying to fine-tune an international investment of $8,5-billion in Nigeria with the Lagos government. “These are proposals that are currently being worked out with the Nigerian government,” a spokesman said after publication of disastrous company results. A Shell managing director, Philip Watts, confirmed the company is hoping to start production in 12 new Nigerian developments, of which six will be offshore deposits, as part of a major international oil programme. The planned investment will enable Nigerian oil production to be increased by nearly 600000 barrels a day to 2,6-million barrels. Meanwhile, Shell’s Nigerian subsidiary said that it plans to lay off 700 workers because of a slump in company profits.