Shell plans to invest heavily in deepwater West Africa

Jul 23, 1997 02:00 AM

June 30, 1997 Shell International plans to invest $ 40 billion to $ 60 billion in deep water oil exploration along the west African coast in the next 20 years. The oil reserve in the deep waters of West Africa are expected to go as high as 15 billion barrels.
Shell has already started its deep water exploration in Nigeria through the Shell Nigeria Exploration Company Limited. The exploration wells drilled by the company in the waters near Warri in south-west Nigeria have shown encouraging signs that could lead to commercial development. Shell will also carry out deep water explorations in the waters of Angola, Congo and Cote d'Ivoire.

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