The Chief Executive Officer of Shell Plc, Mr Wael Sawan, has praised President Bola Tinubu’s leadership, describing it as the key reason the global energy giant is prepared to invest an additional $20 billion in Nigeria.
Mr Sawan spoke during a meeting with President Tinubu at the Presidential Villa, Abuja, where he said the administration’s policies and vision have restored investor confidence and created a stable environment for long-term investments.
According to him, Shell is deepening and expanding its footprint in Nigeria, noting that the country has become one of the most attractive destinations for global oil and gas investments under the current administration.
He highlighted Shell’s recent major commitments, including $5 billion invested in the Bonga North project, $2 billion in HI, and continued investments in gas projects linked to the Nigeria Liquefied Natural Gas (NLNG) initiative. These, he said, underscore the company’s long-term confidence in Nigeria’s economy.
Mr Sawan explained that Shell recently acquired TotalEnergies’ interest in Oil Mining Lease (OML) 118, also known as the Bonga Block, as part of its strategy to deepen investments in the country. He added that Shell and its partners are advancing plans for the Bonga South West project, which could attract about $20 billion in foreign direct investment if it reaches Final Investment Decision (FID).
He described the proposed Bonga South West development as potentially one of the largest energy projects in the world, noting that half of the projected investment would be capital expenditure, while the rest would flow into the Nigerian economy as operating expenses.
The Shell CEO said the company’s renewed commitment represents a “sea change” from previous years when it was scaling back investments in Nigeria, attributing the shift to improved stability, targeted incentives and effective engagement by the Tinubu administration.
He also commended the President’s economic and energy team for their professionalism, describing them as among the best Shell works with globally.
At the meeting, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the Bonga South West deep offshore oil project. He directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to ensure the incentives are gazetted in line with existing legal and fiscal frameworks.
The President stressed that the incentives are ring-fenced and focused on new capital, incremental production, strong local content delivery and in-country value addition. He further expressed his expectation that the Bonga South West project should reach Final Investment Decision within the first term of his administration.