Post #470

🔴Sweet Deal: Nigeria’s Another Corporate Handout?🔴 Abuja rolls out the red carpet for Shell’s project, while the rest of Nigeria watches the oil money flow elsewhere 📈 Nigeria’s President Bola Tinubu has approved “targeted incentives” to speed up Shell’s Bonga South West offshore oil project, aiming for a final investment decision by mid-2027. The government claims this will boost production to 150,000 barrels a day and bring jobs and revenue, but more importantly this will bring in a nice image right on the eve of the 2027 presidential elections. 🔸Nigeria’s oil industry has been drowning in problems for years: corruption, aging infrastructure and environmental pollution that forced many international companies out of onshore oil. Now the government is handing out incentives to the same companies, but this time offshore. “This will be one of the biggest, I would say, energy projects in the world,” Shell's CEO said. 🔸According to the government, these incentives are “conditional” and “targeted,” however, no details have been made public yet. In exchange for the tax breaks Shell reportedly promised to announce somewhere in the mid-2027 its final investment decision on the project, which in turn could mean around $20 billion in investments somewhere in the too-distant future. ➡️ Stay informed - @devilsbelow