Shell Plans to Invest $20bn in Bonga South West Project, Says Tinubu’s Adviser

President Bola Tinubu’s special adviser on energy, Olu Verheijen, says Shell has disclosed plans to invest $20 billion in Bonga South West project.

She said on social media platform LinkedIn that Tinubu received a delegation from Shell, led by its Global CEO Wael Sawan, today.

She said: “The visit reaffirmed Shell’s long-term confidence in Nigeria and its strong commitment to supporting our oil and gas reforms, energy security goals, and broader economic ambitions.

“Since the start of this administration, Shell has Invested US$7 billion in Nigeria, particularly in the Bonga North and HI projects which will generate thousands of jobs and generate fx revenues. During the Meeting Shell informed Mr President of plans to invest an additonal $20 billion on the upcoming Bonga South West project.

“Furthermore, the President made a clear and firm fiscal commitment to back the proposed Bonga South West deep-offshore project by Shell and partners and ensure an enabling environment for its success. The president has directed me to design and to facilitate the gazette of the incentives in line with Nigeria’s existing legal and fiscal frameworks.”

The Shell delegation included Peter Costello, President, Upstream, Shell Plc and De Jong Marno, Executive Vice-President and Country Chair, Nigeria.

The Nigerian Government delegation included Rt. Hon. Femi Gbajabiamila, Chief of Staff to the President; Rt. Hon. Ekperipe Ekpo, Minister of State for Petroleum Resources (Gas); Mr. Bayo Ojulari, GCEO, NNPC; Dr. Zacch Adedeji, Executive Chairman, NRS; Ola Adeniji, Special Assistant to the President on Petroleum; Yasmin Mohammed, Special Assistant to the President (Energy Transition).

“Partnerships like this signal growing investor confidence in Nigeria and reinforce our position as a leading destination for energy investment,” Verheijen said.