Thursday, June 26, 2025
  • About
  • Advertise
  • Careers
  • Contact
Newsroom Nigeria
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life
No Result
View All Result
Newsroom Nigeria
Home Business and Economy

TINUBU CELEBRATES SHELL AND PARTNERS’ $5 BILLION DEEPWATER INVESTMENT AS MILESTONE FOR NIGERIA’S ENERGY SECTOR

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

Newsroom Nigeria by Newsroom Nigeria
December 16, 2024
in Business and Economy, News
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on Twitter

President Bola Ahmed Tinubu welcomes Shell and its partners’ announcement today of the Final Investment Decision (FID) on the Bonga North Deep Offshore Field. This landmark development, Nigeria’s first deepwater oil project in over a decade, underscores the transformative impact of the President’s policies and reforms in attracting investments in the oil and gas sector.

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, with 55%. Its other partners are the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

Related posts

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025

WEST AFRICA MUST TURN DEMOGRAPHIC STRENGTH AND MINERAL WEALTH INTO JOBS AND INDUSTRY, SAYS TINUBU

June 21, 2025

The FID signals renewed confidence in Nigeria’s energy sector and demonstrates the effectiveness of the Tinubu administration’s strategic focus on engendering a robust and competitive investment climate.

President Tinubu remarked: “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.”

President Tinubu’s strategic engagement with global energy stakeholders has been instrumental in this renewed wave of investments.

In July 2023, at the first of several high-level meetings with Shell’s global leadership, President Tinubu declared, “We are open for business and serious about creating a stable, predictable, and investor-friendly environment.”

Presidential Directives issued in early 2024 reinforced this commitment by fast-tracking regulatory approvals, reducing operational costs, and introducing competitive fiscal incentives.

The Bonga North project is the second of the blueprint projects President Bola Ahmed Tinubu selected to drive the implementation of the transformative Presidential Directives 40, 41, and 42 issued in the first quarter of 2024.

These directives, aimed at enhancing regulatory clarity, accelerating project timelines, and incentivising investment in Nigeria’s energy sector, have yielded remarkable results. Earlier this year, the Ubeta oilfield (OML 58), the first blueprint project under this initiative, achieved a Final Investment Decision (FID) through a partnership between TotalEnergies and NNPC Limited. Dormant since its discovery in 1965, the Ubeta project will produce 350 million standard cubic feet of gas per day, bolstering domestic supply and expanding Nigeria’s presence in the global energy market.

With both blueprint projects now achieving FID, the success of these initiatives underscores the effectiveness of the President’s strategic vision for Nigeria’s energy future.

Ms Olu Arowolo Verheijen, Special Adviser to the President on Energy, commented on the Bonga North milestone: “The Bonga North FID dispels the misconceptions about International Oil Companies leaving Nigeria. 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. The divestments from onshore operations create opportunities for local oil and gas companies to expand and thrive, building a strong foundation for Nigeria’s energy future.”

Ms Verheijen further noted: “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.”

The Tinubu administration remains steadfast in positioning Nigeria as a global leader in energy innovation and investment, ensuring that these efforts translate into tangible benefits for all Nigerians.

 

ShareTweetSendShareShare
Previous Post

VIEWPOINT: THE COWARD OF DAMASCUS GOES DOWN, BY Akaninyene Esiere

Next Post

Viewpoint: Afe Babalola and Many Things Most Nigerians Don’t Know By Owei Lakemfa.

Related Posts

BANKING

Fidelity MD, Onyeali-Ikpe Urges Women to Embrace Lifelong Learning and Collaboration for Career Success

June 22, 2025
Foreign

WEST AFRICA MUST TURN DEMOGRAPHIC STRENGTH AND MINERAL WEALTH INTO JOBS AND INDUSTRY, SAYS TINUBU

June 21, 2025
Foreign

NIGERIA, BENIN SIGN INTEGRATION AGREEMENT AS PRESIDENTS TINUBU, TALON LEAD CALL FOR REGIONAL REFORMS

June 21, 2025
Foreign

GLOBAL ECONOMY WILL NOT WAIT FOR WEST AFRICA TO GET ITS ACT TOGETHER – TINUBU TELLS ECOWAS

June 21, 2025
INAUGURAL LECTURE: UNIVERSITY PROFESSOR OFFERS NEW PERSPECTIVES IN MARKETING
Education/Human Capital

INAUGURAL LECTURE: UNIVERSITY PROFESSOR OFFERS NEW PERSPECTIVES IN MARKETING

June 25, 2025
JUDICIARY

Seven Chinese Nationals Jailed for Cyberterrorism, Internet Fraud in Lagos

June 21, 2025
Next Post

Viewpoint: Afe Babalola and Many Things Most Nigerians Don’t Know By Owei Lakemfa.

RECOMMENDED NEWS

INEC Announces Dates for Ekiti, Osun Governorship Elections

4 weeks ago

MY OPPONENTS ARE NOT MY ENEMIES, I WILL BE FAIR TO ALL – TINUBU

2 years ago

ELEKAN OF EKAN URGES YOUTHS TO SHUN NATIONAL PROTEST

11 months ago

Education in Nigeria; Union Bank Backs 10th Edition of Maltina Teacher of The Year

9 months ago

FOLLOW US

POPULAR NEWS

  • Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    Troops Foil Deadly Terrorist Attack In Niger State, Lose 17 Soldiers

    0 shares
    Share 0 Tweet 0
  • ADEBAYO HELD ALOFT THE BANNER OF THE UPN, LED BY OBAFEMI AWOLOWO, TINUBU PENS TRIBUTE TO A TRUE STATESMAN

    0 shares
    Share 0 Tweet 0
  • TINUBU SIGNS  FOUR TAX BILLS INTO LAW TO TRANSFORM FISCAL, REVENUE FRAMEWORK

    0 shares
    Share 0 Tweet 0
  • INEC Receives Applications To Register Obidients People’s Party (OPP), 109 Other Political Parties Registration

    0 shares
    Share 0 Tweet 0
  • TAU Students Win Big   at National Innovation Challenge

    0 shares
    Share 0 Tweet 0
Newsroom Nigeria

This independent, liberal online news platform aims to inform citizens about important issues. NEWSROOM NIGERIA covers political, business, economic, national, and international news. They are committed to journalism ethics and hold the government accountable.

  • About
  • Advertise
  • Careers
  • Contact

© 2025 Newsroom Nigeria - Designed by Semasir Connect.

No Result
View All Result
  • Home
  • News
    • Across the Nation
    • Crime Watch
    • Metro
    • Political Arena
  • Politics
  • Opinions
  • Crime and Court
    • Judiciary
  • Business
    • Banking
    • Business and Economy
    • Business Life

© 2025 Newsroom Nigeria - Designed by Semasir Connect.