President Bola Tinubu has reaffirmed his administration’s commitment to boosting investments in Nigeria, celebrating the $5 billion investment by Shell and its partners in the country’s oil sector. This significant investment is expected to yield approximately 350 million barrels of crude oil from the Bonga North Deep Offshore Field, located 130 kilometers offshore in Oil Mining Lease 118.
The Final Investment Decision (FID) on this project signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on creating a robust and competitive investment climate. This landmark development is Nigeria’s first deep-water oil project in over a decade, underscoring the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector.
Shell holds the largest operational interest in the project, with 55%, alongside partners Nigerian National Petroleum Corporation Limited, ExxonMobil, TotalEnergies, and Eni. President Tinubu emphasized that his administration’s policies and reforms are designed to attract investments, transform the Nigerian economy, and deliver prosperity to its people.
The Bonga North project is part of President Tinubu’s blueprint projects aimed at driving the implementation of transformative Presidential Directives 40, 41, and 42. These directives focus on enhancing regulatory clarity, accelerating project timelines, and incentivizing investment in Nigeria’s energy sector.
