Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), has announced that the Final Investment Decision (FID) on Shell’s Bonga North deepwater project will add 110,000 barrels per day (bpd) to Nigeria’s oil production capacity.
The Shell Nigeria Exploration and Production Company Limited (SNEPCo), a subsidiary of Shell Plc, confirmed the FID earlier today, marking a significant milestone for Nigeria’s oil sector.
Reacting to the development, Lokpobiri emphasized that the decision aligns with his earlier commitment to attracting major investments into the country’s oil and gas industry.
“I am pleased to highlight the impressive strides we have made toward fulfilling that promise. Following the board’s decision last year, Shell Nigeria Exploration and Production Company Limited (SNEPCo) has announced a Final Investment Decision (FID) on the Bonga North project,” Lokpobiri stated.
“This deepwater development, located off the coast of Nigeria, will generate an additional 110,000 barrels per day to our production capacity. Bonga North will serve as a subsea tie-back to the Shell-operated Bonga Floating Production Storage and Offloading (FPSO) facility, where Shell holds a 55% interest.”
The minister described the development as a clear indication of investor confidence in Nigeria’s economy under President Bola Ahmed Tinubu’s administration.
“This would not have been possible without the leadership and backing provided by His Excellency President Bola Ahmed Tinubu, creating an enabling environment for investment to thrive,” Lokpobiri added.
He assured SNEPCo of the federal government’s unwavering support to ensure the project’s success and seamless operations.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) recently reported an increase in the nation’s crude oil production to 1.485 million barrels per day, further highlighting Nigeria’s progress in stabilizing and improving output.
Earlier, SNEPCo noted that while the oil spill incident at the Bonny terminal remains under control, operations across other assets, including Bonga North, continue unaffected.
The Bonga North deepwater project is expected to play a key role in Nigeria’s efforts to boost its production capacity and strengthen its position as a leading oil producer in Africa.