Top Posts
New Study shows climate change is wreaking havoc...
UN Secretary calls for climate action in Southeast...
Gates calls for change in climate strategy ahead...
Nigerian government validates NAP document to address climate...
Scientists in Switzerland say 1.5C climate change goal...
Over 45,000 march in The Hague, demanding action...
Study shows global warming reshaping extreme rainfall, snowfall...
African climate change projects secure major funding
Former French PM urges China, Europe to unite...
NDDC, FOSDO launch tree-planting campaign to address climate...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
Nigeria

Tinubu expresses excitement over Shell’s $5bn Bonga North Deep-water Investment

by admineconai December 18, 2024
written by admineconai December 18, 2024
608

Bola Tinubu, Nigeria’s President yesterday, welcomed Shell and its four partners’ namely the Nigerian National Petroleum Company Limited (NNPCL), ExxonMobil, TotalEnergies, and Eni’s announcement of a Final Investment Decision (FID) on the Bonga North Deep Offshore Field.

According to the President, the landmark development, Nigeria’s first deep-water oil project in over a decade, underscored the transformative impact of his policies and reforms in attracting investments in the oil and gas sector.

The Bonga North oilfield, located 130 kilometres offshore in Oil Mining Lease (OML) 118, represents an impressive estimated $5 billion investment and is expected to yield approximately 350 million barrels of crude oil.

Shell holds the largest operational interest, with 55 percent and operates the Bongafield in partnership with Esso Exploration and Production Nigeria Ltd. (20 percent), Nigerian Agip Exploration Ltd. (12.5 percent), and Total Energies Exploration and Production Nigeria Ltd. (12.5 percent), on behalf of the NNPC.

Read also: Shell closes pipeline after oil spill at Bonny terminal

According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the FID signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on engendering a robust and competitive investment climate.

The President in his remarks said: “The Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people.

“We designed our policies and reforms from the start of my administration to achieve this goal. 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.”

Tinubu’s strategic engagement with global energy stakeholders had been instrumental in this renewed wave of investments.

In July 2023, at the first of several high-level meetings with Shell’s global leadership, President Tinubu had declared, “We are open for business and serious about creating a stable, predictable, and investor-friendly environment.”

Story was adapted from Thisday.

Bonga NorthDeep-waterShellTinubu
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
Shell closes pipeline after oil spill at Bonny terminal
next post
Pakistan, Bahamas join push for global pact to phase out fossil fuels

Related Posts

Nigerian government validates NAP document to address climate...

October 27, 2025

Lagos to Host 2025 International Climate Change Summit

October 20, 2025

NAICOM urges W’African insurers to invest in climate...

October 16, 2025

Climate change: Nigeria, development partners launch Net Zero...

October 16, 2025

Nigeria launches net zero project to fight climate...

October 14, 2025

CSOs reject water privatisation, seek more investment to...

October 14, 2025

NAICOM speaks on impact of climate change

October 14, 2025

NDDC, others push for climate change awareness in...

October 9, 2025

Report: Nigeria, others may lose $300 billion, 49m...

October 3, 2025

Nigeria insurers prepare to global delegates on climate...

October 3, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World