Speaking at a meeting with President Bola Tinubu at the State House, Sawan emphasized that the decision reflects Shell’s confidence in Nigeria’s investment climate under Tinubu’s leadership.
He praised the President for creating an environment conducive to long-term investments.
“Your administration has made Nigeria one of the most attractive destinations for global oil investments. Stability and visionary leadership are crucial for corporates like Shell, especially when considering projects that span decades,” Sawan stated.
During the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support Shell’s proposed Bonga South West deep offshore oil project.
He also directed his Special Adviser on Energy, Mrs. Olu Verheijen, to facilitate the formalization of these incentives within Nigeria’s legal and fiscal frameworks.
Highlighting Shell’s existing footprint in the country, Sawan noted prior investments including $5 billion in the Bonga North field, $2 billion in the HI project, and contributions to the NLNG gas project.
He described the $20 billion commitment for Bonga South West as a potential game-changer for Nigeria’s energy sector, with half allocated to capital expenditure and the remainder to operational costs.
“Several years ago, Shell had been reducing its investments in Nigeria. Today, we see an opportunity to expand, deepen our involvement in Block OML 118, and undertake one of the largest energy projects globally,” Sawan said.
The Shell CEO also lauded President Tinubu’s team for their professionalism, describing them as among the best in the world and crucial to building investor confidence.
Sawan concluded by noting that Shell’s renewed commitment reflects a broader strategy of long-term engagement in Nigeria, emphasizing the company’s confidence in the country’s economic stability and future prospects.