Speaking at the second Nigeria Oil and Gas Opportunity Fair (NOGOF), Mr Nosa Okunbor, the Managing Director of Shell Petroleum Development Company of Nigeria, revealed plans to invest about $15 billion across 24 oil and gas projects in Nigeria in the next five years.
Okunbor said in the next five years, Shell would surpass a 70 percent target in the deployment of wholly Nigerian human and material resources to achieve its production benchmark.
The Managing Director also noted that the ongoing projects are capable of generating thousands of jobs in the industry. He revealed the Ohaji Gas Plant project in Assa North, Imo State, is capable of generating 1,200 megawatts and powering over 1.2 million Nigerian homes.
According to Okunbor, “these remain exciting times for Nigeria as Shell along with it partners will be maturing several projects in support of Nigeria’s growth ambition. A cocktail of policies and the active support of government and its agencies like NCDMB have made these investments possible, as the industry continues to witness improved cycle times”.
He also said that “we have an investment portfolio of over $15 billion over the next five years. Shell’s investments will bring huge benefits to the country and its people in terms of contacts and jobs”.
Mr Okunbor also revealed that the company has taken a Final Investment Decision (FID) on the 300million scf/d Assa North Ohaji (ANOH) gas project. According to him, upon completion, it is expected to supply gas into the domestic gas market and meet 70 percent domestic contents.
Okunbor stated that “in addition to these, we are also maturing several sizeable projects planned to start within the next five years. Twenty-eight projects covering export gas, domestic gas and oil projects spread across deep offshore, shallow water, swamp and land terrains”.
He said “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”.