• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
  • Security
  • Features
  • State
  • Event
  • E-Book
Home Government Tinubu Praises Shell and Partners’ $5b Deepwater investment 
  • Government

Tinubu Praises Shell and Partners’ $5b Deepwater investment 

By
Bayo Onanuga
-
December 16, 2024
President Tinubu with other stakeholders in Energy sector
President Tinubu with other stakeholders in Energy sector

Tinubu Praises Shell and Partners’ $5b Deepwater investment 

 

President Bola Ahmed Tinubu welcomes Shell and its partners’ announcement today  of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field. This landmark development, Nigeria’s first deepwater oil project in over a decade, underscores the transformative impact of the President’s 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%. Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

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.

President Tinubu remarked: “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.”

President Tinubu’s strategic engagement with global energy stakeholders has 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 declared, “We are open for business and serious about creating a stable, predictable, and investor-friendly environment.”

Presidential Directives issued in early 2024 reinforced this commitment by fast-tracking regulatory approvals, reducing operational costs, and introducing competitive fiscal incentives.

Read Also:

  • Tinubu Holds First Meeting with New Service Chiefs in Aso Rock 
  • NAF, S’Africa Deepen Air Force Collaboration to Enhance Regional Security
  • How Troops Eliminated 80 Bandits Along Kebbi–Zamfara Border – Kebbi Gov’t

The Bonga North project is the second of the blueprint projects President Bola Ahmed Tinubu selected to drive the implementation of the transformative Presidential Directives 40, 41, and 42 issued in the first quarter of 2024.

These directives, aimed at enhancing regulatory clarity, accelerating project timelines, and incentivising investment in Nigeria’s energy sector, have yielded remarkable results. Earlier this year, the Ubeta oilfield (OML 58), the first blueprint project under this initiative, achieved a Final Investment Decision (FID) through a partnership between TotalEnergies and NNPC Limited. Dormant since its discovery in 1965, the Ubeta project will produce 350 million standard cubic feet of gas per day, bolstering domestic supply and expanding Nigeria’s presence in the global energy market.

 

With both blueprint projects now achieving FID, the success of these initiatives underscores the effectiveness of the President’s strategic vision for Nigeria’s energy future.

Ms Olu Arowolo Verheijen, Special Adviser to the President on Energy, commented on the Bonga North milestone: “The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria. Instead, we are witnessing a strategic pivot of IOCs-powered capital and technical capacity to deepwater and integrated gas projects, which align with President Tinubu’s vision of transforming Nigeria into a global energy hub. The divestments from onshore operations create opportunities for local oil and gas companies to expand and thrive, building a strong foundation for Nigeria’s energy future.”

Ms Verheijen further noted:  “The success of Bonga North and Ubeta demonstrates the efficacy of the reforms and directives championed by the President. These projects will trigger broader investments to revolutionise Nigeria’s power generation, transportation, and manufacturing sectors. As we look ahead to 2025, we anticipate further FIDs from international and domestic players, marking a new era of growth and opportunity for Nigeria.”

 

The Tinubu administration remains steadfast in positioning Nigeria as a global leader in energy innovation and investment, ensuring that these efforts translate into tangible benefits for all Nigerians.

 

Bayo Onanuga

Special Adviser to the President,

(Information & Strategy)

December 16, 2024

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Bola Ahmed Tinubu
  • Final Investment Decision (FI
Previous articleCAS Engages Personnel in Robust Durbars, Solicits Feedback
Next articleWhy You Need to Support Tax Reforms — Tinubu tells Media Executives 
Bayo Onanuga
Bayo Onanuga
Xing

RELATED ARTICLESMORE FROM AUTHOR

NAF, S’Africa Deepen Air Force Collaboration to Enhance Regional Security

Barau Jibrin and the Search for a Constitution That Works By Ozumi Abdul

Professor Ali Isa Pantami

At UK Conference: Prof Pantami Urges Islamic Banks to Lead Global Digital Economy with Ethical Finance

FG Sends Delegation to Essa, Orders Urgent Repair on Lambata–Bida Road

African Ambassador Demands Urgent Industrialization to End Poverty

NUC Approves 13 New Degree Programmes for Nigerian Universities

Farmers

Beyond the Rain: Nigerian Farmers Reimagine Survival in a Climate of Change” By Shakirudeen Abdulazeez

President Bola Ahmed Tinubu

Nigeria’s Painful Path from Policy to Prosperity By Shukurat T. Ibrahim

Communication is National Security, Not Just Media Work – NIPR President

Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

FG Moves to Strengthen Nigeria’s Global Voice, Counter Negative Campaigns

Anambra Guber Poll: INEC Deploys AI Virtual Assistant to Train Staff

Nigeria’s Removal from FATF Grey List, a Major Milestone in Economic Reform – Tinubu

Recent Posts

  • Tinubu Holds First Meeting with New Service Chiefs in Aso Rock 
  • NAF, S’Africa Deepen Air Force Collaboration to Enhance Regional Security
  • How Troops Eliminated 80 Bandits Along Kebbi–Zamfara Border – Kebbi Gov’t
  • Nnamdi Kanu Withdraws Defence Plan, Files No-Case Submission in Terrorism Trial
  • Barau Jibrin and the Search for a Constitution That Works By Ozumi Abdul
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Tinubu Holds First Meeting with New Service Chiefs in Aso Rock NAF, S'Africa Deepen Air Force Collaboration to Enhance Regional SecurityHow Troops Eliminated 80 Bandits Along Kebbi–Zamfara Border - Kebbi Gov'tNnamdi Kanu Withdraws Defence Plan, Files No-Case Submission in Terrorism TrialBarau Jibrin and the Search for a Constitution That Works By Ozumi AbdulNDA Alerts Residents Ahead of Cadets’ Shooting Exercise in KadunaArmy Eliminates Four ISWAP Logistics Suppliers in KondugaPTML Customs Records 34.3% Revenue Growth in Q3 2025, Intensifies Anti-Smuggling DriveLagos Police Heighten Security on Third Mainland Bridge After Disruption ThreatsAt UK Conference: Prof Pantami Urges Islamic Banks to Lead Global Digital Economy with Ethical FinanceTroops Neutralise 10 Terrorists, Recover Weapons in BornoFG Sends Delegation to Essa, Orders Urgent Repair on Lambata–Bida RoadAfter Katarko Clash, Troops Neutralize 10 Terrorists in Gamboru–Dikwa OperationAfrican Ambassador Demands Urgent Industrialization to End PovertyChristian Genocide and the Dangers of Mischaracterisation By Femi Fani-Kayode
X whatsapp