- Yujnovich announced an anticipated $5 billion investment opportunity in the Bonga oil field project.
- Nigeria has targeted over $50 billion of oil field project development in the next five years.
President Bola Tinubu has said that Shell PLC pledged $6 billion in investment for Nigeria to expand the Bonga oil field project. Tinubu disclosed this after a meeting with Shell’s representatives in Nigeria. In a report of the meeting on the presidential website, Tinubu stressed the government’s focus on resolving all investment-related issues. Tinubu told the delegation that the government is ready to remove all bottlenecks to make Nigeria the African haven for large-scale investment in all key sectors.
Shell’s global integrated gas and upstream director, Zoe Yujnovich, highlighted the firm’s plan to refocus resources into the deepwater and gas sectors. The press release further disclosed that Yujnovich outlined the company’s dedication to developing Nigeria’s gas value chain, including a substantial commitment of $1 billion over the next five to ten years. This financial commitment aims to unlock gas resources for domestic use and the Nigeria Liquefied Natural Gas project.
She announced an anticipated $5 billion investment opportunity in the Bonga North project off Nigeria’s shores in the deep water. Based on a figure provided by the Nigerian Content Development and Monitoring Board (NCDMB), the budget for Bonga North has increased from an earlier expectation of nearly $3 billion. According to the NCDMB, Nigeria has set a target of over $50 billion worth of oil development projects in the next five years.