Shell Eyes $5 Billion Offshore Oil Investment in Nigeria After Presidential Talks

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Shell (SHEL.L) eyes a lucrative $5 billion offshore oil investment in Nigeria, with an additional commitment of $1 billion over the next five to ten years to enhance natural gas production for both domestic consumption and exports, according to a statement from a presidential spokesperson.

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Following discussions between Nigerian President Bola Tinubu and Shell’s Zoe Yujnovich, the move aims to attract substantial capital to Africa’s leading energy producer. Yujnovich emphasized an imminent $5 billion investment opportunity in the offshore Bonga North oil project, expressing eagerness to expedite the investment and foster a pipeline of new ventures in Nigeria.

A Shell representative acknowledged talks with the Nigerian president but refrained from divulging details due to the confidential nature of the discussions. Nigeria’s oil output, plagued by extensive theft and sabotage, has experienced a prolonged decline.

However, recent months have seen a resurgence, partly attributed to less vulnerable offshore production. Tinubu assured a commitment to resolve all investment-related impediments hindering capital inflow into Nigeria’s energy sector, emphasizing an unwavering determination to position Nigeria as the premier destination for large-scale investments.

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