Oil major Shell has announced plans to invest up to $20 billion in Nigeria’s Bonga South West deepwater oil project, a move expected to boost job creation, revive idle fabrication yards, and strengthen investor confidence in the country’s energy sector.
The announcement was disclosed by the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bashir Bayo Ojulari, after President Bola Tinubu received Shell Companies’ Chief Executive Officer, Wael Sawan, at the Presidential Villa in Abuja.
Ojulari said the scale of the proposed investment reflects renewed confidence in Nigeria’s investment climate, particularly within the oil and gas industry.
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According to him, the Tinubu administration’s economic reforms and commitment to transparency have reassured global investors, positioning Nigeria as a competitive destination for capital despite intense global competition.
He noted that Shell had also indicated its intention to pursue an additional $20 billion in investment opportunities in the coming years, citing trust in the government’s leadership and policy direction.
Ojulari explained that the Bonga South West project alone is expected to attract close to $10 billion in capital expenditure, excluding operating costs.
He said the project would have far-reaching economic benefits, including large-scale employment during construction and long-term job opportunities over the field’s expected 20 to 25-year lifespan.
He added that suppliers of materials, manpower, and maintenance services would also benefit significantly from the project’s operating phase.
The NNPCL boss further highlighted that the investment would revive several fabrication yards that have remained dormant for years due to a lack of major projects.
He said Nigerians have made substantial investments in these facilities, and the renewed project pipeline would help restore their economic value and productivity.
Ojulari recalled that Shell’s confidence in Nigeria had already translated into tangible commitments, including the successful divestment of its onshore joint venture assets to Renaissance and a $5 billion final investment decision on the Bonga North development.
He added that Shell also approved an additional $2 billion for shallow-water gas development, bringing its total investments since the announcement of new incentives by the Tinubu administration to over $7 billion.
He stressed that NNPCL’s role as concession holder is to work closely with international oil companies and government institutions to ensure that investment assumptions and commitments are realistic, transparent, and aligned with national interests.
According to him, Shell’s latest engagement with the President was both an expression of appreciation for the administration’s investment-friendly policies and a reaffirmation of the company’s long-term commitment to Nigeria’s oil and gas sector.
Ojulari concluded that the proposed Bonga South West investment underscores Nigeria’s growing appeal to global energy investors and signals a positive outlook for foreign direct investment in the country’s upstream oil industry.
