Game-Changer For Nigeria: Tinubu Celebrates Shell’s $5 Billion Deepwater Investment

President Bola Ahmed Tinubu has hailed Shell and its partners for their $5 billion investment in Nigeria’s deepwater oil sector, emphasizing that this marks a major achievement for the country’s oil and gas industry. This investment, which is Nigeria’s first deepwater project in over a decade,…Game-Changer For Nigeria: Tinubu Celebrates Shell’s $5 Billion Deepwater Investment

highlights the impact of President Tinubu’s policies and reforms aimed at attracting investment to the sector.

According to a statement from Tinubu’s Special Assistant on Information and Strategy, Bayo Onanuga, Shell and its partners made the Final Investment Decision (FID) on the Bonga North Deep Offshore Field. Located 130 kilometers offshore in Oil Mining Lease (OML) 118, the field is expected to produce approximately 350 million barrels of crude oil, with Shell holding the largest stake at 55%. Other partners include the Nigerian National Petroleum Corporation (NNPC), ExxonMobil, TotalEnergies, and Eni.

Tinubu remarked that the FID reflects growing confidence in Nigeria’s energy sector and underscores the success of his administration’s focus on creating a competitive investment environment. He noted that the “Renewed Hope Agenda” has been pivotal in attracting investments to drive Nigeria’s economic transformation and deliver prosperity to the people.

This project follows the Ubeta oilfield’s FID in July 2023, another major initiative under President Tinubu’s energy transformation blueprint. Both projects are expected to significantly contribute to Nigeria’s energy future, with the Ubeta field set to boost domestic gas supply.

The Special Adviser to the President on Energy, Ms. Olu Arowolo Verheijen, highlighted that the Bonga North investment challenges the narrative of international oil companies (IOCs) leaving Nigeria, showing instead a strategic shift toward deepwater and gas projects aligned with Tinubu’s vision of positioning Nigeria as a global energy hub.

These investments, she added, demonstrate the effectiveness of the President’s reforms, with both Bonga North and Ubeta set to trigger wider investments and revolutionize Nigeria’s energy landscape.

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