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President Bola Ahmed Tinubu on Thursday received the Chief Executive Officer of Shell Companies, Mr. Wael Sawan, and his delegation at the State House, Abuja, as the energy giant announced plans to invest about **$20 billion** over time in the **Bonga SouthWest offshore oil project**.
The President welcomed the commitment, describing it as a strong signal of renewed investor confidence in Nigeria’s oil and gas sector, and assured the Shell team of the Federal Government’s support in ensuring a stable and predictable operating environment for long-term investments.
Shell’s delegation briefed the President on the scope of the Bonga SouthWest project, which is expected to boost crude oil production, deepen offshore operations, and strengthen Nigeria’s export capacity when fully developed. The company said the investment would be phased, reflecting the scale and technical complexity of deep-water exploration and production.
According to officials present at the meeting, discussions focused on project timelines, regulatory processes, local content participation, and security of offshore assets. The Tinubu administration reiterated its commitment to ongoing sector reforms aimed at improving efficiency, speeding up approvals, and creating a business climate that supports both new and existing investments.
Mr. Sawan told the President that Shell remains committed to Nigeria as a strategic hub in its global energy portfolio, noting that deep-water projects like Bonga SouthWest align with the company’s long-term production plans while also supporting host-country development goals. He added that the project would create opportunities for Nigerian contractors and service providers in line with local content laws.
The meeting comes amid renewed efforts by the Federal Government to attract fresh capital into the petroleum industry following recent policy and regulatory reforms, including measures to streamline contracting processes and address longstanding operational bottlenecks.
Industry analysts say the Bonga SouthWest project, when fully executed, could help stabilise Nigeria’s offshore output and contribute significantly to government revenue at a time when the country is seeking to improve foreign exchange inflows and strengthen fiscal buffers.
President Tinubu reaffirmed that his administration is prioritising energy security, revenue growth, and job creation through strategic partnerships with major operators, while also encouraging investments that support gas development and cleaner energy transitions alongside crude production.
Shell has operated in Nigeria for decades, with its Bonga field standing as one of the country’s flagship deep-water developments. The proposed Bonga SouthWest expansion is expected to build on existing infrastructure, reduce development costs, and accelerate first oil once final investment decisions and regulatory approvals are completed.
