President Bola Tinubu has lauded the Final Investment Decision (FID) by Shell and its partners on the $5 billion Bonga North Deep Offshore Field as a transformative milestone for Nigeria’s energy sector.
The project, the first deepwater oil initiative in over a decade, is set to produce an estimated 350 million barrels of crude oil and reflects the success of Tinubu’s policy reforms aimed at revitalizing the nation’s oil and gas industry.
“The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people,” Tinubu said in a statement endorsed by his Special Adviser on Information and Strategy, Bayo Onanuga.
“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,” the president said.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri said additional 110,000 barrels per day (bpd) from Shell Plc will increase Nigeria’s economic value, and welcomed Shell’s plan to proceed with the FID on the deep-water project.
