By David Akinadewo-Adekahunsi
President Bola Ahmed Tinubu has commended Shell and its partners for their Final Investment Decision (FID) on the Bonga North Deep Offshore Field, marking a significant milestone as Nigeria’s first deepwater oil project in over a decade.
According to a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu said the $5 billion investment reflects the success of his administration’s policies and reforms designed to revitalise the oil and gas sector and attract global investments.
Located 130 kilometres offshore in Oil Mining Lease (OML) 118, the Bonga North field is expected to produce approximately 350 million barrels of crude oil.
Shell holds a 55% operational interest, collaborating with the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
President Tinubu highlighted the project’s significance, stating: “The Renewed Hope Agenda is centred on attracting investments to transform Nigeria’s economy and deliver prosperity to our people. Shell and its partners’ decision to proceed with Bonga North underscores the success of our reforms. We will continue to support their efforts to unlock Nigeria’s energy potential.”
The FID demonstrates renewed confidence in Nigeria’s energy sector, driven by reforms initiated by the Tinubu administration to create a stable and investor-friendly environment. Early in his tenure, President Tinubu held high-level discussions with global energy leaders, declaring Nigeria “open for business.”
These engagements, combined with Presidential Directives issued in 2024, streamlined regulatory approvals, reduced operational costs, and introduced competitive fiscal incentives, paving the way for landmark projects like Bonga North.
This project is the second under the administration’s transformative energy blueprint, following the Ubeta oilfield (OML 58), which achieved FID earlier this year.
Dormant since its discovery in 1965, the Ubeta project, developed through a partnership between TotalEnergies and NNPC Limited, is expected to produce 350 million standard cubic feet of gas per day, boosting domestic supply and enhancing Nigeria’s global energy presence.
Ms Olu Arowolo Verheijen, Special Adviser to the President on Energy, praised the Bonga North milestone, noting: “This investment dispels misconceptions about International Oil Companies leaving Nigeria. Instead, we see a strategic shift towards deepwater and integrated gas projects, aligning with President Tinubu’s vision of transforming Nigeria into a global energy hub.”
Ms Verheijen added that these projects will catalyse further investments, transforming power generation, transportation, and manufacturing. She expressed optimism for 2025, anticipating additional FIDs from international and domestic players.
