Nigeria’s President Bola Ahmed Tinubu has welcomed a $5 billion investment in the Bonga North Deep Offshore Field, hailing it as a milestone for the country’s energy sector. The project, Nigeria’s first deepwater oil venture in over a decade, is expected to yield approximately 350 million barrels of crude oil.
The investment is a joint effort between Shell, which holds a 55% operational interest and its partners, including the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
President Tinubu attributed the investment to his administration’s policies and reforms, which have created a stable and predictable investment climate. “We designed our policies and reforms from the start of my administration to achieve this goal. Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts,” 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 incentivise investment in Nigeria’s energy sector.
Ms Olu Arowolo Verheijen, Special Adviser to the President on Energy, noted that the investment dispels misconceptions about international oil companies leaving Nigeria. Instead, she said, the country is witnessing a strategic pivot of IOCs-powered capital and technical capacity to deepwater and integrated gas projects
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