Daily Independent analysis reveals that the project should be set for commissioning latest in 2009.
The project manager, Graham Henley, said: (The project) is 60 percent completed and ready for commissioning before the end of this year. But, there will be no substantial production yet.
NNPC entered into a $1.69 billion bridge funding agreement with Shell in February 2008 to cover its share of investments in the project. In 2005, Shell started work on the project.
Shell says the fields situated in the 650 square kilometer area concession in the southern state of Bayelsa, were first struck in the 1970s, but were not completely extended, because they contained mainly gas, for which there was little demand in Nigeria then.
But, demand went up sharply since then both within Africa’s most populous country, struggling to meet its domestic power necessities, and for export as liquefied natural gas (LNG), seen as an striking alternative energy source by consumer countries.
Shell says the Gbaran-Ubie project will drill over 30 new wells and construct a central processing facility to treat both oil and gas. It expects the site will help Nigeria meet targets to decrease gas flaring, provide additional energy to local consumers and raise LNG exports.
