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. Last Updated: 07/27/2016

Shell's Nigerian Plan

LONDON -- British-Dutch oil giant Royal Dutch/Shell has put forward an $8.5 billion investment proposal to the Nigerian government aimed at revitalizing the country's petroleum industry, the Financial Times reported Monday.

The group, which produces about half of Nigeria's output of 2 million barrels per day, is in talks with the government, other international oil companies and contractors about a five-year investment plan, said the report, which quoted the head of Shell's Nigerian division.

The FT said Shell's plan would result in Nigeria's output surging by a third, mostly from new offshore fields and make Nigeria a major player in the global liquefied natural-gas industry.