Oil and Gas Industry in Nigeria Getting Better, Not Declining Says Osagie Okunbor, Shell’s MD at Economic Summit

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Dispelling concerns about the future of oil and gas industry in Nigeria, Osagie Okunbor, the Managing Director of Shell Petroleum Development Company Limited (SPDC) and Chairman of Shell Companies in Nigeria, says far from declining, “the industry is in a much better place”, especially with the enactment of the Petroleum Industry Act and other supporting regulations.

Sharing his optimism during a panel session at the just-concluded Nigeria Economic Summit in Abuja with the theme: “Fuelling Growth: The Future of Oil and Gas”, Okunbor also noted that recent presidential directives had introduced much-needed coherence to the sector.

Okunbor underscored Shell’s dedication to local content development, which he noted, had helped to boost economic growth and create job opportunities for Nigerians. “We actively engage with local communities to address their needs and build sustainable relationships, demonstrating our commitment to social responsibility,” he said.

Highlighting the company’s commitment to its operations in Nigeria, primarily through SPDC and Shell Nigeria Exploration and Production Company (SNEPCo), Okunbor said “Through these companies, we collaborate with partners on knowledge sharing, resource pooling and risk mitigation, leading to more efficient and sustainable operations.”

He emphasised the importance of Shell’s technical expertise and resources in supporting Nigerian operations, which he said contribute to technological advancement and improved efficiencies.

Okunbor assured that Shell would continue to power progress in Nigeria through sustained collaboration for the socio-economic development of the country.