Nigeria: Shell to invest $15bn in oil and gas projects
Shell Petroleum Development Company (SPDC) has revealed its plans to invest over $15 billion across 24 oil and gas projects in Nigeria in the next five years.
Unveiling the company’s plans during a conference in Nigeria last week, Managing Director of the SPDC, Nosa Okunbor said the investments would bring great benefits to the country including the advancement of local content in the oil and gas sector.
“[The] benchmark for all these projects is to meet and where possible, surpass the 70 percent Nigerian content target. Employment opportunities are huge, not to mention the spin-off in allied services,” said Okunbor.
The projects driving the investment will include deep offshore, shallow water, swamp and land terrain.
During the conference, Shell Companies Nigeria was named the International Oil Company with the most impactful Local Content Initiatives in the upstream category.
Receiving the award, Okunbor said: “This award is a strong recognition of our leadership in the Nigerian content development space. Nigerian content development remains a very important step in our growth aspiration as Shell Companies in Nigeria roll out the next phase of major projects.”
SPDC has the largest acreage in Nigeria and produces 39 percent of the nation’s oil.