IOCs announce investment in new projects in Nigeria, but plan further onshore sales

Although the development of deep water and gas has not been forthcoming in recent years due to the continued hold-up of the Petroleum Industry Bill (PIB) and its proposed new fiscal regime, two majors have announced big investments, with Total planning the development of the offshore Egina field at a cost of some $15bn, and Shell Petroleum Development Company (SPDC) taking final investment decisions on the Trans Niger Pipeline Loop-line (TNPL) and the Gbaran-Ubie Phase Two project at a combined cost of $3.9bn.