President Bola Ahmed Tinubu has lauded Shell and its partners’ $5 billion Final Investment Decision (FID) on the Bonga North Deep Offshore Field, describing it as a transformative milestone for Nigeria’s energy sector.
In a statement Special Adviser to the President on Information abd Strategy Bayo Onanuga, this marks the nation’s first deepwater oil project in over a decade, projected to produce 350 million barrels of crude oil.
Located 130 kilometers offshore in Oil Mining Lease (OML) 118, Shell holds a 55% operational stake in the project, alongside Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni. The announcement reflects renewed confidence in Nigeria’s energy sector, spurred by President Tinubu’s reforms to create an investor-friendly climate.
President Tinubu stated, “The Renewed Hope Agenda is designed to attract investments that transform our economy and bring prosperity to our people. This decision by Shell and its partners demonstrates the success of our reforms. We will continue to provide the support needed to unlock Nigeria’s energy potential.”
The Tinubu administration’s strategic engagement with global energy stakeholders has been instrumental in revitalizing the sector. In July 2023, during high-level talks with Shell’s global leadership, the President declared Nigeria “open for business.” Subsequent Presidential Directives in 2024 introduced regulatory streamlining, cost reductions, and competitive incentives, fast-tracking major energy projects.
The Bonga North project is the second under Tinubu’s energy blueprint, following the FID on the Ubeta oilfield (OML 58) earlier in 2024. The Ubeta field, dormant since 1965, is now set to produce 350 million standard cubic feet of gas daily, boosting domestic supply and Nigeria’s global energy presence.
Special Adviser to the President on Energy, Ms. Olu Arowolo Verheijen, hailed the Bonga North FID as a testament to the administration’s reforms. She remarked, “This milestone dispels misconceptions about International Oil Companies exiting Nigeria. Instead, we are seeing strategic pivots toward deepwater and gas projects aligned with President Tinubu’s vision of making Nigeria a global energy hub.”
Ms. Verheijen further highlighted the broader impact of these investments, including advancements in power generation, transportation, and manufacturing. Looking ahead to 2025, she expressed optimism about further FIDs from both international and local players, signaling a new era of growth for Nigeria’s energy sector.
The Tinubu administration remains committed to driving energy innovation and ensuring that these investments yield tangible benefits for all Nigerians.
