Shell Commits $5bn to Deepwater
…Maintains Nigeria Presence
By Patience Ikpeme
Shell Petroleum Development Company (SPDC) has announced a significant investment of $5 billion in a deep offshore project, to show its commitment to the Nigerian oil and gas sector.
This investment comes amidst plans for the company to divest from its onshore assets while maintaining its focus on deepwater operations, where it holds a competitive advantage in technology and finance.
During the 30th Nigerian Economic Summit (#NES30) in Abuja, Mr. Osagie Okunbor, Managing Director and Chair of Shell Companies in Nigeria, confirmed that Shell is committed to staying in Nigeria for the long term, despite concerns about the industry’s future.
He expressed optimism regarding the industry’s outlook, citing the positive impacts of the Petroleum Industry Act (PIA) and new presidential directives that provide clarity to the sector.
In a related discussion, Mr. Philip Mshelbila, Managing Director of Nigeria Liquefied Natural Gas Limited (NLNG), stressed the importance of diversifying Nigeria’s economy while also ensuring that the oil and gas sector contributes significantly to growth.
He cautioned that insecurity in the Niger Delta continues to pose challenges, affecting the operations of oil companies and limiting growth potential, as evidenced by NLNG’s train capacity operating at only 62 percent.
On the issue of the current petrol shortage in Nigeria, Amina Maina, Group Chief Operating Officer of MRS Holdings, assured that the situation is set to improve soon.
She indicated that the Dangote Refinery has started supplying petrol, which should help alleviate shortages and reduce long queues at fuel stations in the coming days.
