Shell and Fox Petroleum have recently rekindled their investment interests in the Nigeria energy sector. While Shell is proposing about  $5 billion offshore oil investment opportunity in Nigeria and pledged to spend a further $1 billion in five to 10 years to boost natural gas output for domestic supplies and exports, Fox Petroleum is expected to inject about $7.5 billion into the Nigerian National Petroleum Company Limited (NNPCL) in the next three years.

According to Reuters, Shell recent investment in Nigeria was disclosed by a presidential spokesperson, citing Shell’s director of gas and upstream operations.

Nigerian President Bola Tinubu held talks with Shell’s Zoe Yujnovich in a move to attract capital to Africa’s top energy producer, presidential spokesperson Ajuri Ngelale said in a statement.

Yujnovich was cited as saying Shell has “an imminent $5 billion investment opportunity” in the offshore Bonga North oil project.

“I am really keen to make that investment as soon as possible. We want to continue and build a pipeline of new investments in Nigeria,” Yujnovich said.

As reported by Reuters, Shell spokesperson confirmed talks with the Nigerian president but declined to give further details because the discussions were private.

“There is no bottleneck that is too difficult for us to remove in our determined march toward making Nigeria the African haven for large-scale investments,” Tinubu was quoted as saying.

In a similar development Fox Petroleum Group $7.5 billion investment push is trickled down to the Nigerian National Petroleum Company Limited (NNPCL) to enable the state owned oil firm to overhaul its operations across the upstream, mainstream and downstream petroleum sector.

In a statement signed by Business Representative, Yomi Sola Falana, the company stated that what instigated their investment appetite in Nigeria energy sector is owing to the trust it has development in the current administration; “confidence instilled in the current administration of President Bola Ahmed Tinubu through his demonstrable action to increase Nigeria’s oil and gas production and reserves, boost federation’s revenue, create jobs for teeming millions of the country’s population, and contribute to the development of host communities”.

The company believes that the funds would support NNPCL’s growth strategy under the recently enacted Petroleum Industry Act (PIA)and the details of the investment will be unveiled after a closed-door meeting with Tinubu, Fox said, adding that the move aligns with the company’s goal to acquire, invest, and operate energy-producing assets in Nigeria.

The company further foresees the development as a positive outcome of good governance, making Nigeria an attractive destination for foreign investors. Fox Petroleum global operations and projects in India and the upcoming Oman-India Pipeline showcase the company’s expanding role in the energy sector. The focus on LNG projects signals a strategic shift in response to market dynamics.

Chairman of the company, Ajay Kumar, affirmed that details of the funding deal on offer would be revealed to the general public after the meeting with President Tinubu, who doubles as the country’s substantive Minister of Petroleum Resources. Nigeria is currently facing a decline in crude oil production output in meeting its OPEC quota amid dwindling foreign exchange earnings and shortage of feedstock to the nation refineries leading to short supply of refined products for domestic consumption.