- President Bola Tinubu praised Shell for securing Nigeria’s first deepwater project in over a decade, the $5 billion Bonga North Deep Offshore Field, expected to produce 350 million barrels of crude oil.
- The Bonga North project marks a significant milestone in Nigeria’s energy sector, reflecting the success of Tinubu’s policies to attract international investment and rejuvenate the oil and gas industry.
President Bola Ahmed Tinubu praised Shell and its partners for securing Nigeria’s first deepwater project in over a decade, marking a significant milestone in the nation’s energy sector.
The $5 billion project, the Bonga North Deep Offshore Field, was confirmed through Shell’s Final Investment Decision (FID), which is expected to produce approximately 350 million barrels of crude oil. This achievement underscores a positive shift in the country’s oil and gas industry, a development President Tinubu attributes to the success of his administration’s policies.
In a statement issued on Monday by presidential spokesperson Bayo Onanuga, Tinubu expressed his satisfaction with the announcement, noting that the project highlights the effectiveness of his administration’s efforts to rejuvenate Nigeria’s energy sector.
He emphasised that the Bonga North project reflects the renewed confidence of international investors in Nigeria, thanks to the government’s strategic focus on creating a competitive investment climate. According to President Tinubu, the development directly results from the government’s initiatives under the Renewed Hope Agenda, centring on attracting investments to transform the Nigerian economy and bring prosperity to its citizens.
The Bonga North Deep Offshore Field is a landmark project, representing the country’s first deepwater oil venture in over 10 years. It marks a turning point in Nigeria’s oil and gas sector, which has faced challenges recently.
Tinubu pointed out that the successful FID is a clear signal that Nigeria’s energy policies are taking hold and that the nation is ready to unlock its vast energy potential. He further assured that his administration would continue providing the necessary support to ensure the project’s success, ultimately benefiting the nation and its investors.
Shell’s decision to invest in the Bonga North field follows a series of engagements between the company and the Nigerian government. In July 2023, President Tinubu met with Shell’s global leadership, declaring that Nigeria was “open for business.”
He reiterated the government’s commitment to fostering a stable, predictable, and investor-friendly environment to encourage foreign investment in various sectors, especially energy. This development marks a significant step in Nigeria’s ongoing efforts to attract and retain global investors, signalling optimism for the future of the country’s oil and gas industry under Tinubu’s leadership.