The Chief Executive Officer of Shell Plc, Mr Wael Sawan, has praised President Bola Ahmed Tinubu’s leadership and reform agenda, attributing Shell’s renewed and expanded investment interest in Nigeria to the administration’s vision, stability and investor-friendly policies.
Sawan gave the commendation during a meeting with President Tinubu at the Presidential Villa, Abuja, where he disclosed that Shell, in collaboration with its partners, is prepared to invest an additional $20 billion in Nigeria’s energy sector.
He said Nigeria, under the Tinubu administration, has emerged as one of the most attractive destinations for global oil and gas investments, citing restored investor confidence and a stable operating environment.
Highlighting Shell’s recent commitments, the Shell chief executive referenced the $5 billion investment in Bonga North, $2 billion in the HI project, as well as ongoing gas investments linked to the Nigeria Liquefied Natural Gas (NLNG) project. He affirmed the company’s long-term commitment to Nigeria, noting that stability remains a critical factor in large-scale, multi-decade investments.
According to him, Shell has also expanded its stake in Oil Mining Lease (OML) 118, the Bonga Block, following the acquisition of interests previously held by TotalEnergies, as part of efforts to deepen its footprint in the country’s deep offshore assets.
Sawan disclosed that Shell is working on the Bonga South West project, which, upon reaching Final Investment Decision (FID), could attract about $20 billion in foreign direct investment. He explained that roughly half of the amount would be capital expenditure, while the remainder would cover operating costs, with significant inflows into the Nigerian economy.
Describing the proposed development as one of the largest energy projects globally, he added that Shell is also advancing other prospects, including Bonga South, further down its investment pipeline.
The Shell CEO described the company’s renewed commitments as a major shift from previous years when it scaled back investments in Nigeria, attributing the turnaround to the President’s leadership and targeted incentives supporting deep offshore projects.
He also commended the professionalism of the President’s economic and energy team, saying their competence and clarity have strengthened Shell’s confidence, as well as that of its partners, to sustain long-term investments in the country.
At the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project. He directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to facilitate the process in line with existing legal and fiscal frameworks.
The President stressed that the incentives are ring-fenced and tied strictly to new investments, incremental production, strong local content delivery and in-country value addition. He further expressed his expectation that the Bonga South West project would reach Final Investment Decision within the first term of his administration.
