Shell has pledged an additional $20bn investment in the Bonga South West Project reinforcing growing investor confidence in the country’s oil and gas sector.
The commitment was disclosed on Thursday during a meeting between President Bola Tinubu and a Shell delegation led by its Global Chief Executive Officer, Wael Sawan, at the State House, Abuja.
The visit reaffirmed Shell’s long-term confidence in Nigeria and its support for the Federal Government’s oil and gas reforms, energy security objectives, and broader economic ambitions.
Since the commencement of the Tinubu administration, Shell has invested $7 billion in Nigeria, particularly in the Bonga North and HI projects, which are expected to generate thousands of jobs and boost foreign exchange earnings.
During the meeting, Shell informed the President of its plans to inject an additional $20 billion into the upcoming Bonga South West project, one of Nigeria’s most significant deep-offshore developments.
President Tinubu gave a clear fiscal assurance, committing the Federal Government to fully support the project and ensure an enabling environment for its success. He further directed that incentives required for the project be designed and gazetted in line with Nigeria’s existing legal and fiscal frameworks.
The Shell delegation included Peter Costello, President, Upstream, Shell Plc, and Marno de Jong, Executive Vice-President and Country Chair, Shell Nigeria.
On the Nigerian side, attendees included the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila; Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo; Group Chief Executive Officer of NNPC Limited, Bayo Ojulari; Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji; Special Assistant to the President on Petroleum, Ola Adeniji; and Special Assistant to the President on Energy Transition, Yasmin Mohammed.
