President Bola Ahmed Tinubu has praised Shell and its partners’ $5 billion investment in the Bonga North Deep Offshore Field as a key development in Nigeria’s energy sector.
This announcement marks the Final Investment Decision (FID) for the project, the first deepwater oil field investment in the country in over a decade.
The Bonga North field, located 130 kilometers offshore in Oil Mining Lease (OML) 118, is expected to yield approximately 350 million barrels of crude oil. Shell holds the largest operational interest with 55%, with Nigerian National Petroleum Corporation (NNPC), ExxonMobil, Total Energies, and Eni as additional stakeholders.
In a statement, President Tinubu hailed the investment as a clear indication of the growing confidence in Nigeria’s energy sector, emphasizing the success of his administration’s reforms aimed at creating a stable, investor-friendly environment.
“The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people. Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts,” Tinubu said.
The Bonga North project is the second to benefit from the Presidential Directives 40, 41, and 42, introduced in early 2024 to accelerate project timelines, improve regulatory clarity, and incentivize investments.
The directives are part of Tinubu’s broader strategy to enhance Nigeria’s position in the global energy market.
Ms. Olu Arowolo Verheijen, Special Adviser to the President on Energy, highlighted that the success of the Bonga North FID dispels misconceptions about international oil companies leaving Nigeria.
She noted that the shift in focus towards deepwater and integrated gas projects demonstrates a strategic pivot aligned with the President’s vision of transforming Nigeria into a global energy hub.
Earlier this year, the Ubeta oilfield (OML 58) also achieved an FID under this initiative, marking another success for Tinubu’s energy reform agenda.
With these developments, the President’s vision for a sustainable, competitive energy sector continues to gain momentum, promising a prosperous future for Nigeria’s economy and its people.
