President Bola Ahmed Tinubu has welcomed Shell and its partners’ announcement of a $5 billion investment in the Bonga North Deep Offshore Field.
This investment marks Nigeria’s first deep water oil project in over a decade and underscores the effectiveness of the President’s policies and reforms in attracting investments in the oil and gas sector.
The Bonga North oilfield, located 130 kilometers offshore, is expected to yield approximately 350 million barrels of crude oil.
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Shell holds the largest operational interest, with 55%, while its partners include the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
According to President Tinubu, this investment decision affirms the success of his administration’s efforts to create a stable and investor-friendly environment.
“We designed our policies and reforms to attract investments and transform the Nigerian economy. Shell and its partners’ decision to invest in Bonga North is a testament to our commitment to creating a robust and competitive investment climate,” he said.
The Bonga North project is the second of the blueprint projects selected by President Tinubu to drive the implementation of the transformative Presidential Directives 40, 41, and 42. These directives aim to enhance regulatory clarity, accelerate project timelines, and incentivize investment in Nigeria’s energy sector.
Ms. Olu Arowolo Verheijen, Special Adviser to the President on Energy, noted that the Bonga North investment decision dispels misconceptions about International Oil Companies leaving Nigeria.
Instead, she said, “we are witnessing a strategic pivot of IOCs-powered capital and technical capacity to deep water and integrated gas projects, which align with President Tinubu’s vision of transforming Nigeria into a global energy hub.