NNPC says Shell has pledged a $20bn investment in Nigeria, reinforcing confidence in reforms and expanding deep-offshore oil and gas projects
Bayo Ojulari, Group Chief Executive Officer of Nigerian National Petroleum Company Limited, on Thursday said Shell Plc has committed to invest $20 billion in Nigeria over the next few years.
Ojulari disclosed this after a courtesy visit by a delegation of the British-Dutch energy company to the State House, Abuja.
He told journalists that the fresh commitment reflected renewed investor confidence in Nigeria’s oil and gas sector under the current administration.
“Today, Shell made commitments to the president of pushing another $20 billion opportunity over the next couple of years,” Ojulari said.
He added that the company had indicated its capacity to mobilise the required capital despite intense global competition for energy investment.
Ojulari attributed the decision to what he described as tangible governance reforms rather than mere policy statements.
“It’s because of the confidence that they have in the leadership that Mr President has demonstrated,” he said, citing improvements in transparency and policy clarity.
The Shell $20bn investment Nigeria commitment follows recent strategic moves by the company to expand its offshore footprint in the country.
In May 2025, TotalEnergies announced that its Nigerian subsidiary had agreed to sell its 12.5 percent interest in Oil Mining Lease 118 to Shell Nigeria Exploration and Production Company Limited for $510 million.
Five months later, SNEPCo took a $2 billion final investment decision on the HI offshore gas project, further signalling long-term interest in Nigeria’s deep-water assets.
During the State House meeting, President Bola Tinubu approved the gazetting of investment-linked incentives to support the proposed Bonga South-West deep-offshore oil project by Shell and its partners.
Ojulari said the project alone would require operating expenditure of about $10 billion and would generate employment opportunities for Nigerians over the next 25 to 30 years.
He described the initiative as a powerful catalyst for economic growth, local capacity development, and energy security.
The NNPC chief added that the national oil company would continue to collaborate closely with international partners, including Shell, Chevron, and ExxonMobil.
He said NNPC would also work with other government agencies to develop bankable proposals capable of securing timely approvals.
Ojulari stressed that sustained collaboration was critical to converting investor commitments into productive assets for the Nigerian economy.
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