President Bola Ahmed Tinubu has expressed optimism about the prospects of increased investments from Shell Petroleum Development Company of Nigeria (SPDC).
The president spoke while receiving the management of Shell Group, led by its Global Integrated Gas and Upstream Director, Ms. Zoe Yujnovich, at the Presidential Villa, Abuja, on Thursday.
President Tinubu, who stressed Nigeria’s long-term relationship with the company, which discovered the first commercial oil field at Oloibiri in the Niger Delta in 1956, said his administration would continue to ensure the security and viability of existing and new investments in the country.
“We have made progress since our last meeting. I will continue to support and encourage you on this path. There is no doubt that there is a significant focus on investment in and around the continent. I am spearheading Nigeria’s global march for new investments at home.
“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,” the President told the visiting delegation in a statement on Friday by his spokeman, Ajuri Ngelale.
In her remarks, on behalf of the Shell Group, Ms. Yujnovich expressed Shell’s commitment to maintain its legacy of investments in Nigeria, particularly as the company refocuses its investment to key into new and existing opportunities in the Deepwater and Gas sector.
She outlined the company’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.
Furthermore, Ms. Yujnovich announced an imminent $5 billion investment opportunity in the Bonga North project off the shores of Nigeria, located in the deep water.
The Shell Global Integrated Gas and Upstream Director expressed Shell’s eagerness to proceed with this investment and outlined several prospective investments that Shell Group is eyeing in Nigeria over the short to medium term.
She commended the collaboration her team has experienced with the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Special Adviser to the President on Energy, Olu Verheijen, while acknowledging their roles in achieving significant progress in actualizing the potential of these projects as well as others.
“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 really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” she concluded.
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