Oil and gas firm, Shell Petroleum Development Company (SPDC), has disclosed its plans to invest over US$15 billion across several oil and gas projects in Nigeria in the next five years.
Nosa Okunbor, the managing director of the SPDC said the investments would bring great benefits to the country including the advancement of local content in the oil and gas sector.
“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,” said Okunbor.
24 oil and gas projects which include deep offshore, shallow water, swamp and land terrains, will benefit from the investment.
Okunbor confirmed Shell’s final investment decision on the Assa North Ohaji gas project which would produce 300 million standard cubic feet of gas per.
The company operates under a joint venture between the Nigerian National Petroleum Corporation, Royal Dutch Shell Plc, Total Exploration and Production Nigeria Ltd. and Nigerian Agip Oil Company Ltd. Shell has a 30 percent stake in the business.
Shell Companies in Nigeria emerged the International Oil Company with the most impactful Local Content Initiatives in the upstream category at the 2019 edition of the Nigerian Oil and Gas Opportunity Fair (NOGOF) held recently in Yenagoa, Bayelsa State.
SPDC has the largest acreage in Nigeria and produces 39 percent of the nation’s oil.