Nigeria: Anglo-Dutch company Shell invests $6 billion in oil and gas

Anglo-Dutch company Shell is planning to invest a total of 6 billion dollars in the country’s oil and gas industry, including 5 billion dollars in crude oil and 1 billion dollars in gas, according to information made public on Thursday 7 December by Ajuri Ngelale, spokesman for the Nigerian presidency.

This development follows a meeting between Nigerian President Bola Tinubu and Zoe Yujnovich, Shell’s Director of Upstream Operations.

The latter expressed enthusiasm about an imminent opportunity to inject $5 billion into the Bonga North offshore oil project in OML 118.

Yujnovich stressed the urgency of realising this investment as soon as possible, underlining Shell’s commitment to establishing a steady stream of new investments in Nigeria.

This initiative is part of the Federal Government of Nigeria’s efforts to strengthen the country’s oil and gas sector.

According to Ajuri Ngelale, President Bola Tinubu is committed to removing all bottlenecks to the flow of capital into the Nigerian energy industry.

It is potentially with this in mind that the country has withdrawn its complaints against the Italian company Eni in the OPL 245 affair.

Nigeria has been engaged in a legal battle against Shell and Eni over OPL 245 for ten years.

On Thursday 16 November, Nigeria put an end to the legal action brought against Eni in connection with the exploitation of OPL 245.

The West African country’s Ministry of Justice indicated that it would unconditionally drop the claims brought before the Italian courts, with effect from 17 November at the latest.

Posts Grid

CAF conducts draw for CHAN 2025 Second qualifiers

The Confederation of African Football (CAF) held the draw for the second round of CHAN 2025 qualifiers on Thursday, involving seven national teams vying for...

NBA/ Kevin durant joins elite 30,000-point club in NBA history

Phoenix Suns’ Kevin Durant etched his name into basketball immortality, becoming the eighth player in NBA history to surpass 30,000 career points. The 36-year-old achieved...

“Real Madrid triumphs 3-2 over Manchester City in thrilling Champions League First Leg”

In a thrilling encounter, Real Madrid turned the tables on Manchester City with a 3-2 victory in the first leg of their Champions League knockout...

Real Madrid/ Spanish Court upholds investigation against Footballer Raúl Asencio in underage Sex video scandal

A Spanish court has rejected an appeal by Raúl Asencio’s defense team, allowing an investigation into the footballer’s alleged involvement in the distribution of a...

 Boxing/ IBA files legal complaints against Olympic Champion Imane Khelif over gender eligibility

The International Boxing Association (IBA) announced on Monday that it has filed a complaint with Switzerland’s Attorney General and is preparing similar legal actions in...

Rugby/Morocco secures Rugby Africa Cup return after four-Year hiatus

The Moroccan national rugby team, the Atlas Lions, have made a triumphant return to the Rugby Africa Cup (RAC) after a four-year absence. Their 26-12...

Leave a Reply

Your email address will not be published. Required fields are marked *