Shell plans $6bn in Nigeria offshore, gas investments
Global oil giant, Shell, has expressed eagerness to make fresh $6 billion in investment in Nigeria, especially in offshore, gas and liquefied natural gas (LNG) projects, the presidency said in a statement.
After a meeting with President Ahmed Tinubu in Abuja, on Thursday, the Shell Global Integrated Gas and Upstream Director, Zoe Yujnovich ,who led the management team ,expressed Shell’s eagerness to proceed with this investment and outlined several prospective investments which Shell Group is eyeing in Nigeria over the short to medium term.
Yujnovich announced an “imminent” $5 billion investment in the Bonga North offshore project and commitment to another $1 billion over the next 5 to 10 years in gas and LNG, according to a presidency statement.
She commended the collaboration her team has experienced with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, and the Special Adviser to the President on Energy, Olu Verheijen, while acknowledging their roles in achieving significant progress in actualizing the potential of these projects as well as others.
“Mr President, I want to be successful in my role, and I cannot be successful in my role unless I can find a way to bring more new investments to Nigeria.
“I have made commitments to our investors that we will continue to invest in gas and oil. In Nigeria, I see all the conditions to continue to make this partnership stronger. In the deep water, we have an imminent investment opportunity in Bonga North. This is $5 billion. I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” she concluded.
Tinubu had during the meeting expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC), emphasizing Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956.
The President said his administration will continue to ensure the security and viability of existing and new investments in the country.
“We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.
“In view of our long-term relationship that has been established over the years, we want you to do more, and we are ready to encourage you in every way possible.
“We are very focused on resolving all investment-related issues. There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large scale investment in all key sectors. We need each other,” the President told the visiting delegation.
