A major oil producer, Nigeria will increase its production of black gold by several million barrels thanks to Shell.
This Monday, December 16, 2024, President Bola Ahmed Tinubu welcomed the Final Investment Decision (FID) of Shell and its partners on the Bonga North deep offshore field, marking a major breakthrough for the Nigerian oil sector.
This project, the first in deep waters in more than ten years, represents an investment of 5 billion dollars and an expected production of 350 million barrels of crude oil.
Located 130 kilometers offshore in OML 118, it involves players such as NNPC, ExxonMobil, TotalEnergies and Eni, with Shell leading at 55%.
According to Tinubu, the move reflects the success of economic and energy reforms initiated under his tenure to attract investments and transform the economy.
“The Renewed Hope program fundamentally focuses on attracting investment to bring prosperity to our people”he said.
The president also stressed that these reforms aim to provide a stable and competitive environment for investors.
The 2024 presidential directives, aimed at fast-tracking projects and providing tax incentives, helped bring the Bonga North project and other initiatives like the Ubeta gas field to fruition.
The latter, in partnership with TotalEnergies, will produce 350 million cubic feet of gas per day, marking the relaunch of a project that has been dormant since 1965.
Mrs. Olu Arowolo Verheijen, Special Advisor on Energy, noted that the Bonga North FID proves that international companies are not leaving Nigeria, but are focusing on projects aligned with the President’s strategic vision.
She also raised prospects for massive investments by 2025 to support the energy, manufacturing and transport sectors.
The Tinubu administration aims to position Nigeria as a global energy hub, with concrete benefits for its population.
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