February 24, 2024
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Shell Plans $5 Billion Investment in Nigerian Offshore Oil Project

Shell Plc is exploring a $5 billion offshore oil investment opportunity in Nigeria and has committed an additional $1 billion over the next five to ten years to enhance natural gas output for both domestic use and exports, according to a statement by a presidential spokesperson on Thursday.

The information was attributed to Zoe Yujnovich, Shell’s director of upstream operations, following talks between Nigerian President Bola Tinubu and Yujnovich aimed at attracting capital to Africa’s leading energy producer, according to Reuters.

Yujnovich expressed Shell’s eagerness to invest in the imminent $5 billion opportunity in the offshore Bonga North oil project. “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,” Yujnovich stated. As of the time of reporting, Shell had not responded to calls seeking comments on the matter.

Nigeria has been grappling with a decline in oil output for several years, primarily due to extensive theft and sabotage. However, recent months have seen an uptick in production, supported by offshore operations that are less susceptible to attacks.

President Tinubu, in response to Shell’s commitment, pledged to address “all investment-related issues” that might impede capital flow into Nigeria’s 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 asserted.

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