Shell and its partners have invested $5 billion in the Bonga North Deep Offshore Field.
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 in the oilfield with a 55 percent stake.
Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.
The Nigerian subsidiary of the Dutch-owned oil giant, Shell Nigeria Exploration and Production Company Limited (SNEPCo) announced the FID on Bonga North, a deepwater project off the coast of Nigeria, in a statement on Monday.
SNEPCo said the Bonga North would be a subsea tie-back to its Bonga Floating Production Storage and Offloading (FPSO) facility which it operates with a 55 percent interest.
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The statement read: “The Bonga North project involves drilling, completing, and starting up 16 wells (8 production and 8 water injection wells), modifications to the existing Bonga Main FPSO and the installation of new subsea hardware tied back to the FPSO.”
This development has been greeted with enthusiasm by President Bola Tinubu.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President noted that the Renewed Hope Agenda fundamentally focuses on attracting investments to transform the Nigerian economy and deliver prosperity to Nigerians.
“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,” he stated.
By: Babajide Okeowo
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