In a move to attract capital to Africa’s top energy producer, President Bola Tinubu met with Shell’s Director of Gas and Upstream Operations, Zoe Yujnovich, on Thursday. The meeting resulted in promising developments for Nigeria’s energy sector, with Shell expressing significant investment interest.
President Tinubu’s spokesperson, Ajuri Ngelale, announced in a statement that Shell has identified a potential $5 billion investment opportunity in the offshore Bonga North oil project.
He added that the company also pledged to invest an additional $1 billion over the next five to 10 years to boost natural gas production for both domestic consumption and exports.
“I am really keen to make that investment as soon as possible,” Ngelale cited Yujnovich as saying.
“We want to continue and build a pipeline of new investments in Nigeria.”
According to Reuters, a Shell spokesperson confirmed the talks with the Nigerian president but declined to provide further details due to the private nature of the discussions.
Nigeria’s oil production has been declining for years due to large-scale theft and sabotage. However, recent months have seen a rebound, primarily driven by offshore production, which is less susceptible to attacks.
President Tinubu pledged to address “all investment-related issues” hindering capital investment in the Nigerian energy sector.
“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 investments,” Tinubu stated.
This news marks a positive development for Nigeria’s oil and gas industry. The potential $5 billion investment in the Bonga North oil project could significantly boost production and generate substantial revenue for the country.
Additionally, the $1 billion investment in natural gas production will contribute to energy security and potentially unlock export opportunities.
