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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 …