KEY POINTS
- NUPRC has pledged continued support for Shell as Nigeria targets $50bn in deep offshore investments.
- The estimated $10bn Bonga South West project is a major focus of the investment drive.
- Shell’s new country chair, Elohor Aiboni, is expected to play a key role in advancing the company’s Nigerian offshore operations.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has reaffirmed its commitment to supporting Shell Nigeria’s operations as the Federal Government intensifies efforts to attract up to $50 billion in fresh investment into the country’s deep offshore oil sector.
The commitment was made when the Commission’s Chief Executive Officer, Oritsemeyiwa Eyesan, received Shell Nigeria’s newly appointed Executive Vice President and Country Chair, Elohor Aiboni, at the NUPRC headquarters in Abuja.
The meeting focused on Shell’s ongoing projects and the broader efforts by the Federal Government and industry regulators to create an environment capable of attracting large-scale investment into Nigeria’s offshore petroleum industry.
A major focus of the Federal Government’s investment push is the Bonga South West project, an estimated $10 billion deepwater development operated by Shell.
The project is regarded as one of the flagship investments capable of helping Nigeria unlock a wider pipeline of offshore projects and attract significant international capital to the upstream sector.
The Federal Government is seeking to revive investment in deepwater oil production after years of delays and uncertainty over major projects. The planned investments are expected to increase crude production, strengthen government revenues and support Nigeria’s long-term energy security.
The NUPRC’s renewed engagement with Shell therefore comes as the government seeks to provide greater regulatory certainty and encourage international oil companies to commit more capital to Nigeria.
Commission Positions Itself as Business Enabler
Eyesan described the NUPRC as a “business enabler”, stressing that the regulator would continue working with operators to facilitate investment and improve activities across the upstream petroleum industry.
She said the Commission remains committed to supporting operators as Nigeria works towards its target of producing three million barrels of crude oil per day by 2030.
The target requires substantial investment in exploration, development and production infrastructure, particularly in deepwater assets where projects require significant capital and long development timelines.
The NUPRC’s position signals the regulator’s intention to work more closely with major oil companies to remove bottlenecks that could delay investment and production.
Aiboni assumed her new position on August 1, 2026, becoming the first woman to occupy the combined position of Executive Vice President and Country Chair of Shell Nigeria in the company’s 60-year history in the country.
She succeeded Marno de Jong, who retired after more than six years at the helm of Shell’s Nigerian operations and 34 years with the company.
Aiboni brings more than 24 years of experience with Shell, having worked across the company’s onshore and offshore operations in Nigeria and held international assignments in Kazakhstan and Brunei.
Her extensive experience in Nigeria’s petroleum industry is expected to be valuable as Shell works with the government and regulators on major offshore developments.
