Shell Nigeria will invest $15 billion in the oil and gas sector in the next five years amidst concerns that investment in the sector is shrinking
AMIDST growing concerns that foreign direct investment is shrinking in Nigeria, Shell Petroleum Development Company, SPDC, has marshalled out a five-year plan to invest more than $15 billion in 24 oil and gas projects in Nigeria.
According to Osagie Okunbor, managing director, SPDC, the investments will benefit the country greatly by advancing local content in the oil and gas sector.
He said recently: “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.”
The projects are in deep offshore, shallow water, swamp and land terrain.
Shell Nigeria, has the largest acreage in the oil and gas sector, producing 39 percent of Nigeria’s oil.