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Shell to invest US $1 billion

    ABIDJAN

    Royal Dutch/Shell is to spend US$1 billion to develop an off-shore oilfield which would come onstream in 2002 and produce up to 120,000 bd, the BBC reported on Monday.

    The oilfield, some 90 km from the coast, was discovered in 1965 but only became economically viable recently with the development of new drilling technology. The latest move is evidence of a shift by oil companies to off-shore operations following a spate of unrest and demonstrations by activists demanding a share in the oil wealth of south-eastern Nigeria, the BBC reported analysts as saying.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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