Segun Atanda/
Shell Plc Chief Executive Officer, Mr Wael Sawan, has praised President Bola Ahmed Tinubu’s leadership and economic vision, saying they are the key reasons the global energy giant is prepared to invest an additional $20 billion in Nigeria.
Sawan made the disclosure during a meeting with President Tinubu at the Presidential Villa, Abuja, where he said Shell would be deepening and expanding its footprint in Nigeria because the current administration restored investor confidence and created a healthier investment climate.
According to him, Nigeria under Tinubu has become one of the countries attracting significant interest and capital from major international oil companies. He noted that stability has become a prized factor for corporates making long-term decisions.
“We have really been in a space where we are very keen to invest in Nigeria… Your leadership and your vision have created an investment climate… that propelled us to invest, in particular, also as we compare to other investments around the world,” Sawan said.
He explained that Shell’s investments are not designed for short-term gains, but for decades of operations, stressing that the company is looking at a 20 to 40-year horizon in its investment planning.
Sawan highlighted Shell’s recent major commitments in the country, including $5 billion in Bonga North, $2 billion in HI, and ongoing gas projects linked to the Nigeria Liquefied Natural Gas (NLNG) initiative.
He also revealed that Shell has strengthened its position in OML 118 (Bonga Block) after buying stakes previously held by TotalEnergies, describing the move as part of the company’s determination to deepen its interest in Nigeria’s deep offshore assets.
“Total Energies was selling, so we bought it because we want to deepen further. But that… is not enough. We think there is more to invest here,” he said.
The Shell boss disclosed that the company is now working on the Bonga South West project, which could attract about $20 billion in foreign direct investment once it reaches the Final Investment Decision (FID) stage.
He said half of the projected sum would come as capital investment, while the other half would cover operational spending and related costs expected to flow into the Nigerian economy.
“This will be one of the biggest… energy projects in the world,” Sawan added, noting that Shell is also looking at other opportunities such as Bonga South, which he said is further along in Shell’s project pipeline.
Sawan described Shell’s new commitments as a major turnaround from a few years ago when the company was scaling down investments in Nigeria, calling it a “sea change.”
In response, President Tinubu approved the gazetting of targeted, investment-linked incentives to support the proposed Bonga South West deep offshore oil project being pursued by Shell and its partners.
The President also directed his Special Adviser on Energy, Mrs Olu Arowolo-Verheijen, to ensure the incentives are properly gazetted in line with Nigeria’s existing legal and fiscal frameworks.
Tinubu stressed that the incentives were not broad concessions but carefully structured to support new investments and additional production.
“These incentives are not blanket concessions,” Tinubu said. “They are ring-fenced and investment-linked, focused on new capital and incremental production, strong local content delivery, and in-country value addition.”
He further set a clear timeline for the project’s progress, stating that his expectation is for Bonga South West to reach FID within his administration’s first term.
“My expectation is clear: Bonga South West must reach a Final Investment Decision within the first term of this administration,” the President added.
The revelations were contained in a press statement signed by Mr. Bayo Onanuga, the Special Adviser to the President (Information & Strategy).
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