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Nigerian state firm's shortfall feared. (Nigerian National Petroleum Corp. shortfall may adversely impact onshore oil and gas field project involving Shell Petroleum Development Company of Nigeria Ltd., Elf Nigeria Ltd., and Agip S.p.A.)(Brief Article)
Shell Petroleum Development Co. of Nigeria Ltd. has proposed a capital budget of $1.63 billion this year by partners in a venture that accounts for almost half of Nigeria's oil production.
However, the company fears spending may have to be curtailed because state owned Nigerian National Petroleum Corp. (NNPC), a partner, appears unable to raise its share of the cash.
Shell owns a 30% interest and operates the onshore production venture, with NNPC holding 55%, Elf Nigeria Ltd. 10%, and Agip SpA 5%.
Brian Anderson, Shell Nigeria chairman and managing director, told a London conference last week the venture's 1996 budget has not been approved by the Nigerian …
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