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Concerns for Nigeria as Shell makes deep-water oil discovery

Royal Dutch Shell has announced a “significant” discovery at the Leopard prospect in the deep-water U.S. Gulf of Mexico.

 

An oil discovery in the U.S. takes the major oil consuming nation far away from crude exporters like Nigeria. U.S. had, at some points, imported about one million barrels of crude per day from the West Africa nation.

 

It put a deep-cut in the consumption level from Africa’s biggest crude oil exporter to below 20 per cent and this latest discovery is expected to boost selfreliance and may spell trouble for Nigeria and other suppliers.

 

The Leopard well encountered over 600 feet of net oil pay at multiple levels, according to Shell, which said evaluation was on-going to further define development options.

 

Meanwhile, the U.S. Energy Information Administration (EIA) updated its Brent spot price averages for 2021 and 2022 in its latest short term energy outlook.

 

The organisation warned, however, that its latest report was subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Royal Dutch Shell Plc’s head also expects clean energy to make up half of the company’s energy mix“somewhereinthenextdecade.

 

“If we do not make that type of process by the middle of next decade, we have a problem not just as a company but as a society,” Chief Executive Officer, Ben van Beurden, said in an interview with AXIOS on HBO.

 

The next decade will be at its middle by 2035, according to checks. Like its European peers, the Anglo-Dutch major had set itself an “ambition” to become a netzero emissions energy company by the middle of this century.

 

The feat involves producing less oil, more gas and renewables, as well as using technologies still in their infancy like hydrogen and carbon sequestration.

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