President Bola Tinubu has commended Shell Plc and its partners’ announcement of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field.

Shell announced the FID on Bonga North, a deepwater project off the coast of Nigeria, on Monday, December 16, 2024.

Speaking on the development, Tinubu, in a statement issued on Monday by his spokesman, Bayo Onanuga, said the development, “Nigeria’s first deepwater oil project in over a decade, underscores the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector.”

The president stated: “The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people. 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. We will continue to offer the necessary support to ensure their success and the realisation of Nigeria’s energy potential.”

Onanuga, however, disclosed that the Bonga North oilfield, located 130 kilometres offshore in Oil Mining Lease (OML) 118, “represents an impressive estimated $5 billion investment and is expected to yield approximately 350 million barrels of crude oil.”

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He added: “Shell holds the largest operational interest, with 55%. Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

“The FID signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on engendering a robust and competitive investment climate.

“President Tinubu’s strategic engagement with global energy stakeholders has been instrumental in this renewed wave of investments.”

The presidential spokesman said the Bonga North project is the second of the blueprint projects Tinubu selected to drive the implementation of the transformative Presidential Directives 40, 41, and 42 issued in the first quarter of 2024.

Onanuga stated: “These directives, aimed at enhancing regulatory clarity, accelerating project timelines, and incentivising investment in Nigeria’s energy sector, have yielded remarkable results.

“The Tinubu administration remains steadfast in positioning Nigeria as a global leader in energy innovation and investment, ensuring that these efforts translate into tangible benefits for all Nigerians.”

The Star