President Bola Ahmed Tinubu has commended Shell and its partners for their $5 billion Final Investment Decision (FID) on the Bonga North Deep Offshore Field, marking Nigeria’s first deepwater oil project in over a decade.
The investment reflects President Tinubu’s successful reforms to attract foreign investment in the oil and gas sector.
Located 130 kilometres offshore in Oil Mining Lease (OML) 118, the Bonga North oilfield is projected to yield 350 million barrels of crude oil.
Shell, with a 55% operational interest, is partnered with the Nigerian National Petroleum Corporation Limited (NNPCL), ExxonMobil, TotalEnergies, and Eni.
Expressing his joy, President Tinubu hailed the development as a testament to the effectiveness of his Renewed Hope Agenda, emphasizing its focus on attracting investments to transform Nigeria’s economy.
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He pledged continued support for the project to realize the country’s energy potential.
The Tinubu administration has taken deliberate steps to create a favourable climate for investment, including meetings with global energy leaders and the introduction of regulatory and fiscal reforms.
Presidential Directives issued in early 2024 have streamlined project approvals, reduced costs, and incentivized investors.
The Bonga North project follows the Ubeta oilfield (OML 58), the first of Tinubu’s blueprint energy projects to secure an FID in 2024.
After being dormant since its discovery in 1965, Ubeta will produce 350 million standard cubic feet of gas daily, strengthening domestic supply and Nigeria’s global competitiveness in the energy market.
Special Adviser to the President on Energy, Ms Olu Arowolo Verheijen, dismissed claims of International Oil Companies (IOCs) leaving Nigeria.
She cited the Bonga North FID as proof of sustained IOC interest.
Also, she highlighted the shift toward deepwater and gas projects as key to Nigeria’s energy transformation under Tinubu’s leadership.
Ms Verheijen noted that the success of Bonga North and Ubeta would trigger broader investments, transforming Nigeria’s power, transportation, and manufacturing sectors.
She expressed optimism about further FIDs from both international and domestic stakeholders in 2025.
With the success of these blueprint projects, Nigeria is positioned as a leader in global energy innovation, reflecting the Tinubu administration’s vision to harness investments for sustainable economic growth and prosperity.
