Modupe Gbadeyanka
By Modupe Gbadeyanka
One of the leading oil and gas firms in Nigeria, Shell, says it is planning to invest about $25 billion in the country as well as other places it operates in this year. The investments, the company said, will come in new oil and gas projects.
Shell operates in more than 70 countries across the world and it is one of the key leaders in those nations, though it has stiff competition from Total, Exxon Mobil, BP and Chevron.
According to the Chief Executive Officer of Royal Dutch Shell Plc, Mr Ben van Beurden, the firm expects the delivery of new projects to generate $10 billion in cash flow from operating activities next year.
Shell disclosed in its 2017 first quarter financial results that a cash flow of $9.5 billion was generated during the period, while its profits on a current cost of supply measure (CCS), rose to $3.4 billion from $1 billion last year.
It was learnt that over $1 billion in cost savings and budget cuts made over the past three years from cost-cuts and assets sales have also helped to increase cash flow and boost profits of the company.
Mr van Beurden said in a statement that, “We continue to reshape Shell’s portfolio and to transform the company.”
He said further that during the first three months of 2017, Shell saw “notable improvements in Upstream and Chemicals, which benefited from improved operational performance and better market conditions.”
It would be recalled that recently, Shell resumed production at its Bonga field in Nigeria, which produces about 225,000 barrels per day.
