Shell has pledged $5 billion in a deepwater project at Bonga North.
In a December 7 statement signed by Ajuri Ngelale, it was stated that President Tinubu received the management of Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich.
During the visit, Ms. Yujnovich expressed Shell’s commitment to maintaining its legacy of onshore investments in Nigeria, particularly as the company refocuses its investment to key into new and existing opportunities in the gas sector.
She announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in the deep water.
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She also outlined Shell’s dedication to the development of the gas value chain in the country, including a substantial commitment of $1 billion over the next five to ten years, aimed at unlocking gas resources for domestic use and the Nigeria Liquefied Natural Gas (NLNG) project.
She 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.
- “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 keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria.”
Meanwhile, President Tinubu said his administration will continue to ensure the security and viability of existing and new investments in the country.
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- “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.”
What you should know
The Tinubu administration has been trying to woo investors in Nigeria’s oil and gas market, to increase oil revenues as well as fully transform Nigeria into a gas-powered economy, and to close energy access gaps, especially in the age of the energy transition.