President Tinubu Celebrates $5bn Investment in Bonga North Deep Offshore Field
President Bola Tinubu has celebrated the announcement of Shell and its partners’ $5 billion Final Investment Decision (FID) for the Bonga North Deep Offshore Field, marking a significant milestone for Nigeria.
The project, which is Nigeria’s first deepwater oil initiative in over a decade, is seen as a testament to the positive impact of the president’s reforms and policies aimed at attracting investment to the oil and gas sector. The Bonga North field, located 130 kilometers offshore, is projected to yield approximately 350 million barrels of crude oil and represents a major boost to Nigeria’s energy sector.
Tinubu’s administration has focused on creating a stable, investor-friendly environment, and the success of the Bonga North project highlights the effectiveness of this approach. The president emphasized that the Renewed Hope Agenda is centered on attracting investments to drive economic transformation, with the Bonga North project affirming the success of these efforts. He assured that the government would continue offering support to ensure the success of such ventures and the realization of Nigeria’s full energy potential.
The Bonga North project is the second major initiative to benefit from the Tinubu administration’s Presidential Directives, which are designed to streamline regulatory processes, reduce operational costs, and provide competitive fiscal incentives. Earlier this year, the Ubeta oilfield, the first blueprint project under these directives, also achieved FID, further strengthening Nigeria’s position in the global energy market. These initiatives have already yielded remarkable results and are expected to trigger further investments in Nigeria’s energy, power generation, and manufacturing sectors.
The success of Bonga North and Ubeta has dispelled concerns about the exit of international oil companies (IOCs) from Nigeria, demonstrating instead a strategic shift towards deepwater and integrated gas projects.
This pivot aligns with Tinubu’s vision of transforming Nigeria into a global energy hub. The ongoing reforms are creating opportunities for local oil and gas companies to thrive while laying the foundation for a sustainable energy future. With more FIDs expected in the coming years, Nigeria is poised for a new era of growth and opportunity in the energy sector.
