Shell Nigeria, under the leadership of Osagie Okunbor, has affirmed its commitment to staying in Nigeria despite recent divestments in onshore assets. Instead, the company is shifting its focus towards deepwater oil exploration, leveraging its technological and financial capabilities in this sector. During a panel session at the Nigeria Economic Summit with the theme “Fueling growth: The Future of Oil and Gas,” Okunbor emphasized Shell’s increased investments in Nigeria, citing a $5 billion deep offshore project as an example.
In his address, Okunbor reassured the audience that Shell has no intentions of leaving Nigeria and that the divestment of onshore assets is part of a strategic move involving a consortium of four companies. He dispelled notions of the petroleum sector’s decline in Nigeria, highlighting the positive impact of the Petroleum Industry Act (PIA) and related regulations. Okunbor commended the coherence brought about by recent Presidential directives, indicating a promising outlook for the industry.
Joining the discussion, Philip Mshelbila, the Managing Director of Nigeria Liquefied Natural Gas Limited (NLNG), emphasized the importance of economic growth and diversification for Nigeria. He stressed the need for Nigerians to take the lead in driving these initiatives to ensure a sustainable and resilient economy for the country.
In light of these developments, it is evident that Shell Nigeria remains a key player in the country’s oil and gas sector, adapting its strategies to align with industry trends and regulatory changes. The company’s continued investments in deepwater exploration reflect a long-term commitment to Nigeria’s energy landscape, despite the evolving dynamics within the sector. As the nation strives for economic growth and diversification, collaboration between industry stakeholders and government directives will be crucial in shaping the future of the oil and gas industry in Nigeria.