Nigeria: Shell plans $6 billion in oil and gas investments

Shell has identified a $5 billion investment opportunity in offshore oil exploration in Nigeria and plans to invest a further $1 billion over a period of five to ten years to increase natural gas production for the domestic and export markets, according to statements by Shell's head of gas and upstream operations.

As part of an effort to attract investment to Africa's leading energy economy, Nigerian President Bola Tinubu held a discussion with Shell's Zoe Yujnovich, according to presidential spokesman Ajuri Ngelale.

Yujnovich mentioned that Shell was considering an imminent $5 billion investment in the offshore Bonga North project. "Our aim is to bring this investment to fruition as soon as possible. We are determined to continue and develop a series of new investments in Nigeria," she expressed.

Although talks between Shell and the Nigerian president were confirmed by a Shell spokesman, no further details were provided due to the private nature of the discussions.

Nigerian oil production has declined in recent years, hampered by theft and sabotage. However, the situation has improved recently, with offshore production less exposed to these problems.

President Tinubu pledged to resolve all issues hindering investment in the country's energy sector. "We are determined to overcome every obstacle to make Nigeria a major hub for large-scale investment in Africa," he said.