Oil giant Shell PLC SHEL reportedly sees an offshore oil investment opportunity worth $5 billion in Nigeria.
Additionally, the company has pledged to invest an additional $1 billion over the next five to ten years to enhance natural gas production for both domestic use and exports, Reuters reported, citing a presidential spokesperson referring Shell's director of gas and upstream operations.
The Nigerian President Bola Tinubu engaged in talks with Shell's integrated gas and upstream director Zoe Yujnovich, as per the report.
During the discussions, Yujnovich highlighted the "imminent $5 billion investment opportunity" in the offshore Bonga North oil project.
As per Reuters, Shell spokesperson confirmed the discussions between the company and the Nigerian president but opted to keep the details private.
Nigeria's oil production has faced challenges over the years due to extensive theft and sabotage. However, recent improvements in offshore production, which is less susceptible to attacks, have led to an uptick in output.
Price Action: SHEL shares are trading higher by 0.6% at $63.66 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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