Shell CEO Announces $20 Billion Investment in Nigeria's Oil and Gas Sector

Shell's Global CEO, Wael Sawan, revealed the company's plan to invest an additional $20 billion in Nigeria's oil and gas sector during a meeting with Nigerian President Bola Tinubu in Abuja. Sawan praised the Nigerian government's efforts to create a conducive investment climate, emphasizing Shell's readiness to partner with local entities for this significant investment.

The investment will primarily focus on projects like the Bonga North 2 and NLNG, with half allocated to capital expenditure and the other half to operational expenses. Sawan highlighted the strategic importance of Nigeria in Shell's portfolio and expressed confidence in the country's long-term stability and economic environment.

The CEO commended the Nigerian leadership for their vision and commitment to fostering a favorable investment climate, which has influenced Shell's decision to invest in Nigeria for the next few decades. Additionally, President Tinubu's team, including energy advisor Olu Verheijen, facilitated the approval of incentives and support for Shell's proposed Bonga Southwest deep offshore oil project.