Oil major, Shell Petroleum Development Company (SPDC) has earmarked about $15 billion for investments in Nigeria’s oil and gas industry. The outlay will span over five years and across 24 oil and gas projects in the country.
Speaking on the need for the West African nation to take advantage of the opportunities in the oil industry, the company’s Managing Director, Nosa Okunbor disclosed plans during the second edition of the Nigeria Oil and Gas Opportunity Fair (NOGOF).
The company also has an objective of surpassing a 70 percent target in the deployment of wholly Nigerian human and material resources to achieve its standard of production in the next five years.
“These remain exciting times for Nigeria as Shell along with its partners will be maturing several projects in support of Nigeria’s growth ambition,” Okunbor said adding that ongoing projects by the company are capable of generating thousands of jobs in the industry.
According to him, a Final Investment Decision (FID) has been taken on the Assa North Ohaji (ANOH) gas project in Imo State, capable of producing 300 million standard cubic feet of gas per day at peak production. Upon completion, the plant is expected to supply gas into the domestic gas market and meet 70 percent domestic contents.
“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,” Okunbor noted.
The ongoing Assa North Gas development project is seen as a major game-changer in Nigeria’s quest for energy sufficiency for power generation and industrialization. The plant is poised to boost the economy through job creation and by driving down the prices of gas sales, Nairametrics writes, consequently increasing consumers purchasing power.
SPDC is the pioneer and leader of the petroleum industry in Nigeria. It has the largest acreage in the country from which it produces some 39 percent of the nation’s oil.
Despite recent controversies surrounding the operations of the British-Dutch company, it continues to play a significant role in the development of Nigeria’s oil and gas sector. Last year, the federal government received a sum of $6.3 billion from SPDC and Shell Nigeria Exploration and Production Company Limited (SNEPCo).