President Bola Tinubu has hailed the $5 billion Final Investment Decision (FID) by Shell and its partners on the Bonga North Deep Offshore Field, marking Nigeria’s first deepwater oil project in over a decade. This milestone highlights the transformative impact of Tinubu’s policies aimed at revitalizing Nigeria’s oil and gas sector.
Located 130 kilometers offshore in Oil Mining Lease (OML) 118, the Bonga North oilfield is projected to yield approximately 350 million barrels of crude oil. Shell holds the largest operational stake in the project with 55%, alongside partners NNPC Limited, ExxonMobil, TotalEnergies, and Eni.
In a statement by Presidential Spokesman Bayo Onanuga, Tinubu described the FID as a vote of confidence in Nigeria’s energy sector and a testament to the administration’s efforts to foster a competitive and investor-friendly environment.
“Our Renewed Hope Agenda focuses on attracting investments to transform the Nigerian economy and deliver prosperity to our people,” Tinubu said. “Shell and its partners’ decision to invest in Bonga North affirms the success of our efforts.”
The President reiterated his administration’s commitment to supporting the project’s success and ensuring Nigeria’s energy potential is fully realized. Key reforms introduced under Tinubu’s directives have streamlined regulatory processes, reduced operational costs, and created fiscal incentives to encourage investments.
Ms. Olu Verheijen, Special Adviser to the President on Energy, highlighted the significance of this FID, dispelling fears of International Oil Companies (IOCs) exiting Nigeria. She noted that the Bonga North project represents a strategic pivot toward deepwater and integrated gas projects, aligning with Tinubu’s vision of positioning Nigeria as a global energy hub.
This development follows the earlier success of the Ubeta oilfield (OML 58), which achieved FID through a TotalEnergies and NNPC partnership. The Ubeta project, dormant since 1965, is expected to produce 350 million cubic feet of gas daily, enhancing domestic supply and Nigeria’s global energy presence.
As the Bonga North project advances, further FIDs from international and domestic players are anticipated, signaling a new era of growth and opportunity in Nigeria’s energy sector.
