by Oluwatunmise Omoseyin
Shell JV, alongside its partners, has announced a Final Investment Decision (FID) valued at $5 billion for the Bonga North Deep Offshore Field, marking a significant milestone for Nigeria’s oil and gas sector.
The Bonga North project, Nigeria’s first deepwater oilfield investment in over a decade, is expected to produce approximately 350 million barrels of crude oil, reinforcing the nation’s position as a key player in global energy markets.
Located 130 kilometres offshore within Oil Mining Lease (OML) 118, the Bonga North development is operated by Shell, which holds a 55 per cent stake, alongside key partners including the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
President Bola Tinubu lauded the announcement, describing it as a testament to the success of his administration’s energy reforms.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President hailed the project as a “milestone achievement” for the country.
“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,” Tinubu stated.
The Special Adviser to the President on Energy, Olu Verheijen, also emphasised the significance of the FID for the nation’s energy future.
“The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria,” Verheijen said. “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.”
Verheijen highlighted that the divestment of IOCs from onshore operations creates opportunities for local players in the oil and gas sector to thrive.
“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,” she added.
The Bonga North development is expected to catalyse further investments in Nigeria’s energy and infrastructure sectors. The Tinubu administration reaffirmed its commitment to ensuring Nigeria’s emergence as a global leader in energy innovation and investment, with tangible benefits for all citizens.
