Shell has pledged support for the recent reforms in the oil and gas industry in Nigeria, describing them as a good way to reposition the sector for growth and profitability.
The Senior Vice President Nigeria at Shell, Marno de Jong, Shell said at the recently concluded Nigeria International Energy Summit in Abuja. That Nigeria was in stiff competition for investments as far as the oil and gas industry was concerned.
He noted that attracting investors’ attention will require a continued rethink of strategies and policies.
“We welcome the reforms by the Nigerian Upstream Petroleum Regulatory Commission, which have already improved crude oil production to about 1.75 million barrels per day as reported by the agency,” he said, adding that sustained reforms will boost production and generate better returns in the entire value chain of the industry.
“Shell is determined to support the reforms as part of our general commitment to the development of Nigeria, dating back to over 60 years of operations in the country,” he added.
According to him, the reforms in the oil and gas industry have picked up following the enactment of the Petroleum Industry Act in 2021, with the NUPRC looking to improve oil and gas production and reserves, achieve cost efficiency, and ensure stability in host communities through many initiatives.
“Apart from boosting production, the reforms are also attracting investments such as the Final Investment Decision (FID) we took last year on the $5bn Bonga North deep-water project.
“Nigeria is in stiff competition for capital and confidence, and attracting the attention of investors will require a continued rethink of strategies and policies. This will enable the country to leverage enablers like technology, cost efficiency, and manpower to ensure business growth and sustainability through the operations of international oil companies and independent producers,” local media reports on Thursday quoted Marno de Jong as saying.
GIK/APA