Shell’s top executive in Nigeria has painted a bullish picture of the country’s petroleum industry, citing recent regulatory reforms and presidential directives as catalysts for growth.
Speaking at the Nigeria Economic Summit in Abuja, Osagie Okunbor, Managing Director of Shell Petroleum Development Company Limited and Chairman of Shell Companies in Nigeria, dismissed concerns about the industry’s decline.
“With the enactment of the Petroleum Industry Act and other supporting regulations, the industry is in a much better place,” Okunbor told participants during a panel discussion on ‘Fuelling Growth: The Future of Oil and Gas’.
The Shell chief highlighted the company’s continued investment in Nigeria through two major subsidiaries – SPDC and Shell Nigeria Exploration and Production Company (SNEPCO). “Through these companies, we collaborate with partners on knowledge sharing, resource pooling and risk mitigation, leading to more efficient and sustainable operations,” he explained.
Addressing Shell’s contribution to local capacity building, Okunbor added that the company’s commitment to community development and technological transfer. “We actively engage with local communities to address their needs and build sustainable relationships, demonstrating our commitment to social responsibility,” he stated.
The executive’s comments come amid ongoing reforms in Nigeria’s oil sector, with recent presidential interventions aimed at streamlining operations and boosting investor confidence. Okunbor particularly praised these interventions for bringing “much-needed coherence to the sector.”
Shell’s optimistic outlook and continued investment plans suggest growing confidence in Nigeria’s petroleum sector, particularly following the implementation of the Petroleum Industry Act.