By Kunle Sanni –
Shell Plc has indicated plans to invest up to $20 billion in Nigeria’s energy sector over the next few years, according to the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari.
Ojulari disclosed this on Thursday after a courtesy visit by a Shell delegation to the State House, Abuja, where discussions were held with President Bola Ahmed Tinubu.
Speaking to journalists after the meeting, Ojulari said the multinational energy company expressed confidence in Nigeria’s investment climate and outlined plans to mobilise additional capital into the country’s oil and gas industry.
He explained that Shell’s renewed investment interest was driven by confidence in the current administration’s leadership, particularly in areas of transparency and policy direction. According to him, global competition for investment capital is intense, and Nigeria’s ability to attract such commitments reflects growing investor confidence.
During the meeting, President Tinubu approved the gazetting of investment-linked incentives to support the proposed Bonga South-West deep-offshore oil project being developed by Shell and its partners. Ojulari described the project as a major development with an estimated operating cost of about $10 billion.
He said the project is expected to generate employment opportunities for Nigerians over a period of 25 to 30 years, adding that it would contribute significantly to the country’s long-term energy output and economic growth.
Ojulari also noted that NNPC, as the concession holder for Nigeria’s production-sharing contracts with international oil companies such as Shell, Chevron and ExxonMobil, would continue to work closely with investors and relevant government agencies to advance strategic energy projects.
The development comes months after TotalEnergies announced in May 2025 that its Nigerian subsidiary had agreed to sell its 12.5 per cent interest in Oil Mining Lease 118 to Shell Nigeria Exploration and Production Company Limited for $510 million, further strengthening Shell’s footprint in Nigeria’s offshore oil sector.