Shell Injects $2 Billion into Nigeria’s Oil Sector, Boosting Economic Prospects
Oru Leonard
The Federal Government of Nigeria has welcomed a major investment decision by Shell Nigeria, worth $2 billion, for a new offshore project in the HI Field, located in Oil Mining Lease (OML) 144. The project, operated by Shell Nigeria Exploration and Production Company (SNEPCo) in partnership with Sunlink Energies Resources Limited, marks a significant milestone in Nigeria’s efforts to strengthen its energy sector and boost production.
The $2 billion investment will support the development of the HI Field, located approximately 50 kilometers offshore.
The Federal Government has welcomed the investment, citing it as a testament to the country’s improved business environment and the government’s commitment to driving sustainable energy growth.
The project is expected to contribute to increased national prosperity, job creation, and sustainable energy development.
Speaking the Minister of Petroleum noted that, “This $2 billion investment reaffirms Nigeria’s position as a preferred destination for energy investment and highlights the value of collaboration between government and industry.” Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil)
The investment will have positive impact on Nigeria’s economy as follows:
– Increased Revenue: The project will generate significant revenue for the government through taxes and royalties.
– Job Creation: The project will create employment opportunities for Nigerians, both directly and indirectly.
– Energy Development: The project will contribute to Nigeria’s energy development and help meet the country’s growing energy demands.
The Federal Government of Nigeria has expressed its commitment to fostering an enabling environment for investment and ensuring that the benefits of such strategic partnerships translate into increased national prosperity and sustainable energy development.
