More
    HomeNewsTinubu commends $5bn Shell investment in Nigeria's ernergy sector

    Tinubu commends $5bn Shell investment in Nigeria’s ernergy sector

    Published on

    spot_img

     

    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.

    READ ALSO:

    Alleged forgery: EFCC re-arraigns former Bank PHB MD, 2 others

    FG offers free train service during Yuletide

    2m women benefit from $365m SWEDD project —ECOWAS VP

    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.

    Kindly share this story:

    Contact: [email protected]

    Stay informed!
    Follow us on: X.com: @TheReporter2024
    Follow us on: Facebook: TheReporterNigeria
    WhatsApp for breaking news, updates and exclusive content. Don't miss a headline – Click below to join now!
    WHATSAPP

    Latest articles

    My daughter was murdered for ritual, says victim’s father

    Father of Yetunde Lawal, Alhaji Ibrahim Lawal has said that Yetunde who was his...

    Suspected son of prominent Islamic scholar in police net for murder of final year student in Ilorin 

    One Yetunde Lawal, a female final year student, of the Kwara state College of...

    Jonathan urges African leaders to tackle instability with inclusion, economic empowerment

    Former President Dr. Goodluck Jonathan has advised African leaders to prioritise inclusion and economic...

    Amb Isola mourns demise of Chief Adebanjo

    Nigeria's immediate past High Commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola has...

    More like this

    My daughter was murdered for ritual, says victim’s father

    Father of Yetunde Lawal, Alhaji Ibrahim Lawal has said that Yetunde who was his...

    Suspected son of prominent Islamic scholar in police net for murder of final year student in Ilorin 

    One Yetunde Lawal, a female final year student, of the Kwara state College of...

    Jonathan urges African leaders to tackle instability with inclusion, economic empowerment

    Former President Dr. Goodluck Jonathan has advised African leaders to prioritise inclusion and economic...