Mr. Osagie Okunbor, Managing Director of Shell Petroleum Development Company and Chair of Shell Companies in Nigeria, reaffirmed on Tuesday that the company is not exiting Nigeria, despite plans to divest its onshore assets. Speaking during a high-level panel at the ongoing Nigeria Economic Summit, themed “Fuelling Growth: The Future of Oil and Gas,” Okunbor emphasized that Shell is focusing its efforts on deepwater projects where it holds significant technological and financial advantages.
He highlighted that the company is increasing its investment in Nigeria, with a single deep offshore project costing up to $5 billion. “Shell is not leaving Nigeria. We are here to stay, and our collaboration will continue for a long time. We are divesting our onshore assets to a consortium of four companies that underwent a thorough selection process,” he stated.
Okunbor also addressed concerns about the industry, asserting that Nigeria’s petroleum sector is not in decline. He noted, “Let’s not leave here thinking our industry is failing; it is not. Since the implementation of the Petroleum Industry Act (PIA) and its accompanying regulations, we are in a much stronger position.”
