The Democratic Front has highlighted Shell’s $5 billion Final Investment Decision for the Bonga North Deep Offshore field as evidence of the Tinubu administration’s investment-friendly policies, emphasizing its commitment to driving growth in Nigeria’s energy sector.
This was disclosed in a statement signed by the Chairman, Mallam Danjuma Muhammad, and Secretary, Chief Wale Adedayo on Thursday.
The group stated that the investment reflects the confidence International Oil Companies have in Nigeria as a favorable destination for investments.
“We join President Bola Tinubu in celebrating the Final Investment Decision (FID) by Shell on Bonga North Offshore Field.
“It is a thing of pride for us that the investment is the outcome of reforms introduced by the President through the Presidential Directives numbers 40, 41, and 42 to fast-track regulatory approvals, reduce operational costs, and promote competitive fiscal incentives in the oil and gas sector,” the statement partly read.
The group emphasized that strategic investments, including Shell’s $5 billion in Bonga North and TotalEnergies’ $500 million in the Ubeta gas field, are a result of President Tinubu’s fiscal incentives, demonstrating the success of his reforms in attracting foreign direct investment to Nigeria’s oil and gas industry.
“The Ubeta upstream field is estimated to produce 350 million standard cubic feet of gas per day when operational and will go a long way to raise the country’s profile as a major gas producer. This remarkable economic feat was unarguably achieved under the economic reform of President Bola Tinubu.
“It is instructive that since its discovery in 1996, the Bonga deepwater field, located in OML 118, at a water depth exceeding 1000 meters, has not witnessed such a humongous investment as the $5 billion coming from Shell and this is an attestation of President Tinubu’s pro-business approach to governance.
“Furthermore, this extraordinary display of confidence in Nigeria’s investment ecosystem is a confirmation of the success of the current reforms in eliminating investment encumbrances and the risks of doing business in Nigeria,” the statement read.
Shell Nigeria Exploration and Production Company Limited has approved the Final Investment Decision for the $5 billion Bonga North deep-water project.
The project is expected to produce approximately 350 million barrels of crude oil, significantly enhancing Nigeria’s oil production and revenue.
