Shell Petroleum Development Company’s Managing Director, Osagie Okunbor, emphasized the company’s ongoing commitment to Nigeria despite its decision to divest from onshore assets.
Speaking at the Nigeria Economic Summit, Okunbor stated that Shell is focusing on deepwater investments, with individual projects costing up to $5 billion. He reassured stakeholders, “Shell is not leaving Nigeria.
We are not going anywhere and we will be together for a long time.”
According to Vanguard, Okunbor highlighted that the Nigerian petroleum sector remains robust, citing improvements since the enactment of the Petroleum Industry Act (PIA) and recent presidential directives that have fostered greater coherence within the industry.
Philip Mshelbila, Managing Director of Nigeria Liquefied Natural Gas Limited (NLNG), echoed the importance of diversifying Nigeria’s economy.
He noted that the oil and gas sector must contribute to overall economic growth, calling for a balanced approach that allows both oil and agriculture to thrive.
However, he pointed out that ongoing insecurity in the Niger Delta hampers growth and drives international oil companies away from onshore operations.
Mshelbila reported that NLNG’s capacity utilization is currently at 62%, affected by slowed investment and security challenges.
In a related note, MRS Holdings’ Amina Maina assured that petrol shortages would ease soon as supplies from the Dangote Refinery ramp up, predicting the end of long queues at filling stations by week’s end.
SOURCE: News Hub Creator
