By Obinna Ezeobi

The Nigerian National Petroleum Corporation and Shell Petroleum Development Company, on Tuesday in Abuja signed a Modified Carry Arrangement under which SPDC would loan $1.69bn to NNPC for the Gbaran/Ubie gas project in Bayelsa State.

The Gbaran/Ubie project is a major source of feed stock for the Nigerian Liquefied Natural Gas and the scope is being expanded to include gas and condensate field development, oil well development, gas supply to power projects as well as gas pipelines and gathering systems.

The project line spans over 30 years and the first production is expected in 2010.

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Posted by boyang at February 25, 2009 5:58 PM